A basket of European stock indices had winded down the week modestly higher following decent gains on Friday’s market closure, as Swiss luxury goods manufacturer Richemont rocketed after quarterly earnings’ results and a nearly three-year peak Eurozone business growth in March had kept investors sanguine despite a worrisome uptick in inflation indicators.
In point of fact, Friday’s modest gains in a bundle of European stock indices came forth as investors’ morale spiralled upwards after an IHS Markit survey report had shown that euro zone’s business growth had been accelerated by the steepest pace in more than three years earlier this month, while a gauge of Britain’s gross output spiked to a record in May following a robust re-opening of its vast services sector, adding to further investors’ optimism despite a jump in prices.
European shares end week higher after strong eurozone data
Citing statistics, on Friday’s European market closure, the regional pan-European STOXX 600 added 0.6 per cent, wrapping up the week with a marginal gain, while London’s blue-chip index FTSE 100 ended almost flatlined at 7,018.05 amid a stronger British Pound, French CAC 40 rose 0.68 per cent to 6,386.41 and Frankfurt’s DAX added 0.44 per cent to 15,437.51.
Elsewhere in the Europe, Italy’s FTSE MIB soared as much as 1.10 per cent to 24,975.00, while Madrid’s benchmark IBEX 35 gained 0.87 per cent to 9,204.00. On the week, London’s FTSE 100 shed 0.35 per cent and French CAC 40 curbed 0.12 per cent, while Frankfurt’s DAX added 0.03 per cent.
Italy’s FTSE MIB, in tandem, added 0.42 per cent on the week and Madrid’s IBEX 35 scored a weekly percentage gain of 0.40 per cent. Meanwhile, referring to an increase in appetite for riskier assets following release of a barrage of upbeat economic data, a chief market analyst at IG, Chris Beauchamp said, “The picture today for risk assets looks a lot more positive than it did mid-week...
and today’s suite of stronger economic data provides a continued argument to stick with equities. However, until we clear the peaks seen a week ago some caution will linger. ”