European bourses log weekly gains as healthcare and energy lead the rally

A bucket of major European bourses had rallied on Friday, largely boosted up by the gains of defensives like of healthcare alongside energy stocks

by Sourav D
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European bourses log weekly gains as healthcare and energy lead the rally

On Friday, a bucket of major European bourses had rallied, largely boosted up by the gains of defensives like of healthcare alongside energy stocks, as the regional pan-European STOXX 600 ended up the session 0.3 per cent higher.

Apart from that, the regional STOXX 600 had logged its second straight weekly gains. Aside from that, in the day’s gain in major European bourses were almost entirely galvanized by an upbeat business activity data, which eventually had offset worries of an impending recession across the US economy.

In the latest flashpoint of a growing debate on whether the US economy could avoid a hard-landing following a recession, Friday’s US non-farm payroll data had stoked frets that the US Fed would highly likely to stay on its hawkish rate-hike path, which could eventually make a soft-landing much-harder for the US economy.

Nonetheless, drugmaker Sanofi tumbled following release of a downbeat profit growth forecast.

European bourses end higher

Citing statistics, in the day’s European market wind-down, London’s blue-chip FTSE 100 hit a record high despite an ongoing contraction, wrapping up the session 1.04 per cent higher to 7,901.80 and French CAC 40 jumped 0.94 per cent to 7,233.94, while Frankfurt’s DAX dipped 0.21 per cent to 15,476.43.

Elsewhere in the Europe, Italy’s FTSE MIB muzzled 0.55 per cent to 26,950.74, while Madrid’s IBEX 35 shed 0.04 per cent to 9.225.60. Over the week, London’s blue-chip FTSE 100 soared 1.76 per cent, French CAC 40 rose by 1.93 per cent and Frankfurt’s DAX 30 added 2.15 per cent, while Italy’s benchmark FTSE 100 surged 1.95 per cent. Besides, Madrid’s IBEX 35 had reported a weekly percentage gain of 1.93 per cent.

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