European shares bounced on Monday after their worst week in two months, as investors hoped for a gradual economic recovery with many countries easing coronavirus-led lockdowns.
“The markets are heavily influenced by monetary policy and seem to ignore some longer-term threats,” said Teeuwe Mevissen, senior macro strategist at Rabobank.
“Technically also, the indexes have difficulty in reaching late-April highs. We’ve entered a phase where indexes will lose some strength.” Governments and central banks globally have unleashed unprecedented stimulus to prop up the economy, helping the STOXX 600 recover nearly 25% from its March lows despite dire readings of business activity and rising U.S.-China trade tensions.
U.S. Federal Reserve Chairman Jerome Powell said over the weekend it would be a long road to recovery, but added the central bank was “not out of ammunition”, pointing to the willingness to expand existing programs or add new ones. Also raising hopes of a gradual return to pre-coronavirus levels of activity, shops, restaurants and hair salons prepared to reopen in Italy on Monday, while other centres of the outbreak such as New York and Spain gradually lifted restrictions.
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