European stocks posted weekly gains on Friday as better-than-expected Chinese data supported luxury companies, while investors took comfort in signs that the European Central Bank (ECB) is nearing the end of its rate hike cycle. interest.
The pan-European STOXX 600 index closed 0.23% higher at 461.93 points, closing at its highest level in five weeks, with the luxury, mining and automotive sectors leading sector gains.
French luxury names such as Kering and LVMH rose 1.8% and 2.5% after data showed China’s industrial production and retail sales grew at a faster pace in August.
Stocks posted their biggest percentage gain in six months on Thursday after the ECB raised its interest rate to a record high of 4% but, with the eurozone economy in crisis, signaled that the increase was likely to be l ‘last.
However, policymakers said on Friday that the ECB will keep interest rates high for an extended period and may even raise them again if necessary, rejecting some market bets that euro zone rates will start to fall next European spring.
The STOXX 600 rose 1.6% for the week, with the mining sector the best performer.
Euro zone finance ministers agreed that fiscal policy should be restrictive next year to help the ECB contain inflation while balancing the need for investment.
Investors are now focused on other central bank meetings, with the Federal Reserve and Bank of England due to announce their rate decisions next week.
IN LONDON the Financial Times index advanced by 0.50%, to 7,711.38 points.
IN FRANKFURT the DAX index rose by 0.56%, to 15,893.53 points.
IN PARIS, the CAC-40 index gained 0.96%, to 7,378.82 points.
IN MILAN the Ftse/Mib index advanced by 0.08%, to 28,895.39 points.
In MADRID, the Ibex-35 index recorded an increase of 0.01%, to 9,549.70 points.
IN LISBON, the PSI20 index depreciated by 0.38%, to 6,203.91 points.
Source: Terra
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