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Investigating the nexus between European major and sectoral stock indices, gold and oil during the COVID-19 pandemic.

ABSTRACT: This paper investigates the dynamic conditional linkages between the Eurostoxx50, and the Eurostoxx600 and its sub-indices with COVID-19 deaths, gold, and crude oil. The Dynamic Conditional Correlations (DCC) methodology is employed and the period examined spans from 22 January 2020 until 10 July 2020. Econometric outcomes reveal that the European stock indices are modestly-to-strongly linked with gold in a positive direction and this prevents them from abrupt falls during the pandemic. Nevertheless, weak positive linkages of indices with oil are detected. Sectors of major importance such as the energy sector, financial services, banks, automobiles and parts, and basic resources are mostly influenced by gold and oil. Notably, the impact of COVID-19 deaths on major European markets is rather indirect. These findings inform interested investors in order to ameliorate their risk-return tradeoff during the pandemic bear market.

Supplementary information

The online version contains supplementary material available at 10.1007/s43546-021-00060-x.

SUBMITTER: Kyriazis ΝA

PROVIDER: S-EPMC7988643 | biostudies-literature | 2021

REPOSITORIES: biostudies-literature

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Investigating the nexus between European major and sectoral stock indices, gold and oil during the COVID-19 pandemic.

Kyriazis Νikolaos A ΝA

SN business & economics 20210324 4

This paper investigates the dynamic conditional linkages between the Eurostoxx50, and the Eurostoxx600 and its sub-indices with COVID-19 deaths, gold, and crude oil. The Dynamic Conditional Correlations (DCC) methodology is employed and the period examined spans from 22 January 2020 until 10 July 2020. Econometric outcomes reveal that the European stock indices are modestly-to-strongly linked with gold in a positive direction and this prevents them from abrupt falls during the pandemic. Neverthe ...[more]

PMID: 34778827

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Dataset Information

Investigating the nexus between European major and sectoral stock indices, gold and oil during the COVID-19 pandemic.

Supplementary information

Publications

Investigating the nexus between European major and sectoral stock indices, gold and oil during the COVID-19 pandemic.

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