Economic news

European stocks gain after speech by Fed’s chairman

EU shares rose on Monday following the words from the Fed’s Jerome Powell favoring markets, as well as certain advances between the U.S. and Mexico on NAFTA, causing a rally in stocks.

Photo: Reuters

One of those falling behind was Tesla electric car manufacturer’s stocks listed in Germany, showing a dive of more than 3% at the start of the Tradegate exchange session, which came after Musk cancelled his initiative of taking the firm private.

The STOXX 600 moved up 0.2% percent, the DAX of Germany grew 0.4%, after stronger trading in Asia as a consequence of Powell’s statement saying the Federal Reserve would adhere to the policy of gradual rate increases.

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