On Friday, a basket of European bourses had ended up the day in an affirmative tenure, largely buoyed up by the positive earning results of Barclays alongside a spike in Airbus, though frets over the fiscal fallouts of a likely second wave of pandemic outbreak in Europe had led to a mass-scale sell-off spree and a majority of European stock exchanges had witnessed their steepest weekly plunge in more than a month.
On top of that, although the financial stocks, in particular banks, had helped the regional pan-European STOXX 600 snap a four-day long losing streak and wind down the day with a gain of 0.6 per cent following a 7 per cent jump of Barclays, a resurgence in pandemic cases in Europe had been the major market mover for the European bourse this week, while a protracted and lacklustre negotiation talks in the United States over another round of relief bill had knocked the stuffing out of the European investors.
European shares break off four-day long losing streak, but falls for the week
In tandem, economic data released on Friday had shown that the bloc’s economic activities had fallen in October, while Germany’s service sector had contracted, but manufacturing sector had registered gains, which in turn kept a lid on the gains of European stocks on Friday.
Quoting statistics, while European bourses had wrapped up Friday’s market broadly higher with London’s FTSE 100 leading the charges, French CAC 40 surged 1.20 per cent to 4,909.64 and Frankfurt’s DAX rose 0.82 per cent to 12,645.75, while London’s FTSE 100 eked out 1.29 per cent in gains to wind down the day at 5,860.28.
Elsewhere in the Europe, Italy’s FTSE MIB climbed 1.09 per cent to 19,285,41, while Madrid’s benchmark IBEX 35 jumped 1.42 per cent to 6,893.40. Meanwhile, as the day’s rally was almost entirely been prodded by the regional lenders which have been en route to report their best monthly percentage gains in a more than a year, alongside modest gains in automotive and energy sectors, referring to a better-than-expected quarterly earnings’ report of British lender Barclays, an investment director at AJ Bell, Russ Mould said, “Better than expected results from Barclays triggered renewed interest in banking shares, most of which are trading on depressed levels so value investors will be particularly interested. ”