Stocks across the world were mixed on Wednesday after US lawmakers and the Trump administration came to an agreement on a sweeping $2tn (£1.65tn) stimulus package designed to curb the economic fallout of the coronavirus pandemic.
The pan-European STOXX 600 index (^STOXX), which rose by a record 8.4% on Tuesday amid increasing optimism about the stimulus measures, was down by around 0.4%.
Germany’s DAX (^GDAXI), which had its best day since 2008 on Tuesday, fell by around 2%.
Shares on the Nasdaq (^IXIC) were down by around 0.6%.
Early on Wednesday morning, US senators Mitch McConnell and Chuck Schumer announced the far-reaching provisions, which are set to form the largest economic stimulus package in modern American history.
“This is a wartime level of investment into our nation,” McConnell said.
The measures include billions in dollars to fight the crisis, $1,200 in government checks to individuals, and over half a trillion dollars for businesses impacted by the pandemic.
“It was perhaps always going to be tough to maintain the pace of gains seen on Tuesday. It isn’t a great sign, however, that there are patches of red on Wednesday despite the $2tn stimulus package agreement in the US,” said Conor Campbell, a financial analyst at Spreadex.
The mixed picture in Europe and the US followed a strong trading session in Asia.
The S&P BSE Sensex Index (^BSESN) in India, where 1.3 billion people have gone into lockdown, climbed by more than 6.3%.