- Title: European stock markets rebound after pandemic-driven crash
- Date: 13th March 2020
- Summary: FRANKFURT, GERMANY (MARCH 13, 2020) (REUTERS) DAX BOARD FLOOR AT FRANKFURT STOCK EXCHANGE BOARD SHOWING DAX START AT 9,480.78% VARIOUS OF TRADER DAX CURVE VARIOUS OF TRADERS DAX BOARD SHOWING INCREASE OF 151.71 POINTS OR 1.66% (SOUNDBITE) (German) ODDO SEYDLER HEAD OF SPECIALIST FLOOR TRADING, OLIVER ROTH, SAYING: "A feeling of panic among investors is clearly noticeable here at Frankfurt Stock Exchange. We are seeing large sell-offs and especially towards the end of trading there was a clear downward trend. At the same time this nervousness can turn the other way as soon as there is a hint of good news. That became visible last night and now this morning." TRADER VARIOUS OF BANK SHARES (SOUNDBITE) (German) ODDO SEYDLER HEAD OF SPECIALIST FLOOR TRADING, OLIVER ROTH, SAYING: "The DAX started into the trading day in a clear recovery but mostly due to technical reasons, because all those who bet on declining prices at some point have to buy again so it's more technical and less fundamental." TRADER BLUE BULL / DAX BOARD IN BACK (SOUNDBITE) (German) ODDO SEYDLER HEAD OF SPECIALIST FLOOR TRADING, OLIVER ROTH, SAYING: "We are far from fixing this crisis with a stimulus package or cash injection. The coronavirus brought the economy to a halt and there are no stimulus packages against that. First the coronavirus problem has to be solved and only then can we deal with stimulus packages and cash injections from central banks to have a positive impact on markets." BANK SHARES ON BOARD TRADERS FLOOR DAX BOARD
- Keywords: coronavirus dax shares stocks
- Reuters ID: LVA001C4VVURX
- Location: FRANKFURT, GERMANY
- City: FRANKFURT, GERMANY
- Country: Germany
- Duration: 00:02:30
- Aspect Ratio: 16:9
- Topics: Economic Events
- Story Text: European stock markets bounced back on Friday (March 13) from their worst day ever, as signs of a U.S. stimulus package helped soothe fears about an economic shock from the coronavirus pandemic.
The benchmark STOXX 600 index was up 4% at 0805 GMT, following a 12% plunge on Thursday on rising fears of a liquidity crunch after the European Central Bank decided to keep interest rates steady.
The crash erased over $1 trillion from the value of European firms and plunged the MSCI world index firmly into a bear market, but sentiment stabilised on Friday after indications that U.S. Democrats and Republicans could soon agree on a stimulus package.
In Frankfurt, the DAX opened 3.5% higher but lost ground some two hours into trading, hovering around 2.5% at 10:55 a.m. (0955 GMT).
At 11:15 a.m. the DAX bounced back to 3.4% and stood at 9,479 points, an increase of 318 points.
Analyst Oliver Roth of Oddo Seydler said "a feeling of panic among investors" was clearly noticeable in Frankfurt.
(Production: Hakan Erdem, Michele Sani)
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