European stocks extend gains for sixth straight sessions

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European stocks extend gains for sixth straight sessions

On Friday, a basket of European bourses had closed out the session mostly in the black and extended their six-session-long winning run, boosted up by a growing investors’ bet that most Central Banks would remain accommodative despite a sharp spike in inflation indicators, while a steep gain in mining stocks amid a soaring raw materials’ prices alongside a rebound in travel and tourism stocks had supported regional indices.

In point of fact, in the day’s steep gains in European bourses were mostly buoyed up by a European Central Bank (ECB) decision not to taper fiscal supports for the eurozone economies, while a near-zero borrowing cost added to a bullish bias on investors’ optimism.

In tandem, following this week’s ECB decision to keep monetary policy unchanged while injecting fresh fiscal stimulus for an unforeseeable future, the regional pan-European STOXX 600 added 0.1 per cent, marking up a fourth straight week of gain in a row.

European shares surge as Central Banks pledge to remain accommodative

Citing statistics, on Friday’s European market closure, London’s blue-chip index FTSE 100 rose 0.65 per cent to 7,134.06 and French CAC 40 jumped 0.83 per cent to 6,600.66, while Frankfurt’s DAX gained 0.78 per cent to 15,693.27.

Elsewhere in the Europe, Madrid’s benchmark IBEX 35 added 0.78 per cent to 9,205.00, while Italy’s FTSE MIB edged 0.31 per cent higher to 25,717.42. In the week, London’s FTSE 100 climbed 0.95 per cent and French CAC 40 leapfrogged 1.40 per cent, while Frankfurt’s DAX added 0.20 per cent.

Besides, Madrid’s IBEX 35 clocked 1.41 per cent in weekly gains and Italy’s MIB FTSE advanced 0.32 per cent.