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On Friday, a bucket of major European indices had wrapped up the session higher, however, had botched to avert weekly losses, as investors appeared to have taken a cautious view on earnings’ season alongside upcoming Central Bank decisions, however, losses were pared significantly by a cushion proffered by China reopening. The regional pan-European STOXX 600 gained 0.4 per cent, mostly boosted up by travel & leisure stocks ahead of a Lunar New Year holiday in China, while retail stocks closed higher ahead of the earnings’ season. However, the weekly decline in major European stock indices but Madrid’s IBEX 35, appeared to have stemmed from a growing fear of recession in the US following a cascade of caustic data released last week. Meanwhile, expressing a cautiously optimistic view over major European stock indices, a senior investment strategist at BlackRock, Laura Cooper said, “We've seen this robust value in European stocks, largely underpinned by three factors: better-than-expected economic outlook given the milder winter conditions in Europe, China reopening and signs of peaking inflation”.
European stocks close week lower
Citing statistics, as of Friday’s European market wind-down, London’s FTSE 100 added 0.30 per cent to 7,770.59, French CAC 40 gained 0.63 per cent to 6,995.99, while Frankfurt’s DAX soared 0.76 per cent to 15,033.56.
Elsewhere in the Europe, Italy’s FTSE MIB rounded off the session 0.70 per cent higher to 25,772.52, while Madrid’s IBEX 35 jumped 1.42 per cent to 8,918.20. Over the week, London’s blue-chip FTSE 100 fell 0.94 per cent, French CAC 40 curbed out 0.39 per cent and Frankfurt’s DAX shrugged off 0.35 per cent, while Italy’s FTSE MIB closed out the session almost flatlined and Madrid’s benchmark IBEX 35 rose by 0.41 per cent, bucking against the market trend.
