Global markets have rallied in the last 24 hours, with European equities starting Thursday’s session on a high note and overnight trading on Wall Street topping all-time highs following news of France’s upcoming €100 billion stimulus package.
On Thursday, President Emmanuel Macron outlined the features of a new investment program intended to support France’s economic recovery following the coronavirus’s devastation.
According to Bloomberg, the “France Relaunch” stimulus plan, which has a price tag of about $118 billion US dollars, contains a range of provisions covering tax reductions, wage subsidies, and financing for environmental initiatives.
The news powered France’s CAC 40 index 1.6% higher in morning trades, surpassing the other major European benchmarks. In London, the FTSE 200 rose 08%, the DAX in Germany jumped 1.4%, Spain’s IBEX 35 by 1.8%, and the FTSE MIB in Italy by 1.1%.