Europe close: Stocks mostly in the black, France outperforms
By Alexander Bueso
Date: Friday 06 Dec 2024
(Sharecast News) - European shares were mostly higher on Friday, but ended the day off their best levels following stronger than expected readings for hiring and inflation expectations in the US.
"Last month's payrolls shocker wasn't completely revised away, but the return of 200K+ jobs growth reminded investors about the strength of the US, at a time when political turmoil seems to be springing up almost everywhere else," said Chris Beauchamp, chief market analyst at IG.
"An ideal combination of rising earnings, a strong economy and falling interest rates provides a compelling response to those still wondering why the US stock market seems to win out over its competitors."
The pan-regional Stoxx 600 index added 0.18% to 520.47 points.
France's CAC 40 fared best, climbing 1.31% to 7,426.88, thanks to reports that the country's socialists had offered to form a coalition government which would sideline the far-right and far-left.
Spain's Ibex 35 was the exception, dipping by 0.39% to reach 12,072.0 - albeit after a torrid week.
The euro and Brent crude oil futures were both traded on the back foot.
In economic news, economic output in the euro area rose more quickly over the three months ending in September than over the preceding quarter, as Germany skirted recession and aggregate demand in Ireland spiked.
According to Eurostat, gross domestic product in the single currency area expanded at a quarter-on-quarter pace of 0.4%, after growth of 0.2% during the three months to June.
Key to that outcome, German GDP rebounded by 0.1% on the quarter after a 0.3% drop during the previous three months.
German industrial production fell unexpectedly in October, due to declines in energy production and the automotive industry, according to official data published on Friday.
In equity news, Direct Line shares jumped after the company said it would recommend a sweetened £3.6bn from rival Aviva.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN