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European stocks rise as Trump unilaterally extends unemployment benefits



US President Donald Trump signed executive orders to extend the economic relief of the 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, accompanied by a move by US President Donald Trump to unilaterally extend unemployment benefits in the world’s highest economy.

After a 2% gain last week, the Stoxx Europe 600 SXXP,
+ 0.08%
increased 0.5%.

Oil giants BP BP,
+ 2.07%,
Royal Dutch Shell RDSA,
+ 1.42%
and FP Total,
+ 0.64%
were among the early winners.

UK FTSE 100, UKX,
+ 0.24%
French CAC 40 PX1,
+ 0.10%
and German DAX DAX,
-0.21%
advanced.

US Stock Futures ES00,
+ 0.11%
also rose.

The moves came after President Donald Trump signed four executive orders over the weekend, including one that extends federal unemployment benefits at a rate of $ 400 a week from the expired level of $ 600 a week and another that temporarily cuts payroll taxes. It is unclear whether the executive orders will withstand legal challenges and the benefit funds, achieved through the eavesdropping of an emergency program, will last five weeks.

“Risk assets are signaling a significant drop in the ‘rock’ premium of Congress; however, if US lawmakers are underestimated, it may require an expectation of economic growth at the end of the year,” said Stephen Innes, global head of global markets at AxiCorp.

The latest report on job creation in the US comes in the 10th East.

Carnival CCL,
+ 1.89%
shares rose 5% as its Aida split extended its cruise season break to September 30, in addition to early September trips from Kiel and Hamburg.

Alstom ALO,
-1.69%
shares fell 1.5% after the company said it still plans to buy the Bombardier railway unit, despite what it calls “unexpected and negative developments”. Alstom suggested it could try to renegotiate some 6 billion euros, saying “it will take into account the consequences of these operational and financial developments in future discussions with Bombardier Inc., and update the market as required.”


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