Markets

European stocks jump to one-year high as EU picks Lagarde to head ECB

2019-07-03 12:03:30 GMT (Economies.com)

European shares jumped on Wednesday morning to their highest level in a year, continuing their gains for a fourth session in a row amid high marke's sentiment following the European leaders agreed on the selection the candidates for top positions in the European Union after lengthy talks, among them the selection of Christine Lagarde for the presidency of the European Central Bank.

 

As of 10:55 GMT, Stoxx Europe 600 rose 0.8%, its highest level since July 2018, as it ended yesterday's session up by 0.4%, the third consecutive daily gain, after a strong rally for US stocks in Wall Street.

 

The index rose on Wednesday morning trading to continue its gains for a fourth straight session, hitting its highest level in a year, with most of Europe's major stock markets and sectors in the green Zone.

 

After three days of arduous talks, European leaders agreed on candidates for top positions in the European Union for the next five years, including the selection of Christine Lagarde for the presidency of the European Central Bank.

 

Whilst German Defense Minister Ursula von der Leyen was proposed to replace European Commissioner Jean-Claude Juncker, with the nomination of the Belgian Charles Michelle as president of the European Council and the Spanish Josep Borrell as the EU foreign policy chief.

 

If the European Parliament approves these nominations, Lagarde will replace Mario Draghi after his term expires at the end of October.

 

S&P 500 futures rose more than 0.3%, hitting a new record high before the opening of the official session on Wall Street, while the index ended yesterday by about 0.3%, the fourth daily gain in a row.

 

Euro Stoxx 50 index gained more than 0.8%, while in France, the CAC 40 index rose 0.7%. with Germany's DAX rising 0.7%, and in London, the FTSE 100 added about 0.8%.

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