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European stocks rose after Trump unilaterally extended unemployment benefits



US President Donald Trump signed an executive order extending the economic relief provided by coronavirus, during a press conference in Bedminster, New Jersey, on August 8, 2020.

jim watson / Agence France-Presse / Getty Images

European stocks rose on Monday, spurred by the move by US President Donald Trump to unilaterally extend unemployment benefits in the world’s leading economy.

After rising 2% last week, Stoxx Europe 600 SXXP,
-0.06%
increase by 0.5%.

BP BP, oil and gas giant,
+ 1.96%,
Royal Dutch Shell RDSA,
+ 1.28%
and Total FP,
+ 0.51%
was one of the early gainers.

UK FTSE 100, UKX,
+ 0.09%
French CAC 40 PX1,
-0.06%
and DAX DAX of Germany,
-0.38%
Advanced.

ES00 US Stock Futures,
+ 0.11%
Also increased.

The moves come when President Donald Trump signed four executive orders over the weekend, including an order to extend federal unemployment benefits to $ 400 per week from $ 600 / week that has expired and another order temporarily cuts payroll taxes. It is not clear whether executive orders will withstand legal challenges and the funding benefits, achieved through the exploitation of an emergency program, will last for 5 weeks.

“Risky assets are signaling a significant drop in the ‘brink’ premium of Congress; However, if US lawmakers are underdistribution, it could meet economic growth expectations by the end of the year, ”said Stephen Innes, global market strategist at AxiCorp.

The most recent US employment report comes at 10 a.m. Eastern time.

Carnival CCL,
+ 1.64%
Shares rose 5% as its Aida division extended the yacht season pause until September 30, with the exception of early September trips from Kiel and Hamburg.

Alstom ALO,
-1.88%
Shares fell 1.5% when the company said it still plans to buy Bombardier’s rail unit despite what it calls “unexpected and negative developments”. Alstom suggested that they might try to renegotiate a deal worth around 6 billion euros, saying they “will take into account the consequences of these operational and financial developments in upcoming discussions with Bombardier. Inc and will update the market as required. ”


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