Europe close: Stocks end week on positive note
By Alexander Bueso
Date: Friday 26 Jul 2024
(Sharecast News) - European stocks wrapped the week up on a positive note as investors reacted to just released key US inflation data.
According to the US Department of Commerce, the annual rate of increase in headline PCE inflation slowed from 2.6% in May to 2.5% for June, as expected.
At the core level on the other hand, which is the Federal Reserve's preferred inflation measure, PCE prices were unchanged at 2.6% year-on-year.
Nonetheless, the pan-European Stoxx 600 put on 0.83% to 512.83, alongside a 1.22% gain for the Cac-40 to 7,517.68.
The Ibex 35 and FTSE Mib underperformed, rising by 0.1% and 0.2% to 11,165.90 and 33,812.44, respectively.
Euro/dollar was up by 0.16% to 1.0863 while Brent crude oil futures were off by 1% to $81.37 a barrel on the ICE.
INSEE's consumer confidence index ticked higher by one point from the month before to reach 91 in July.
In parallel, ISTAT reported an improvement in its own gauge of Italian consumer confidence from 98.3 for June to 98.9 in July.
Retail sales in Spain were reported as up by 0.3% in annual terms during the month of June, as opposed to the 0.2% gain seen in May.
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