Cooling US inflation and positive corporate news helped European stocks end week on a high, says Axel Rudolph, Senior Market Analyst at online trading platform IG.
CAC 40 and FTSE 100 today’s outperformers
“The FTSE 100 rocketed by over 1.5% on a brighter economic outlook today and rose by nearly 2.4% this week, helped by a rising oil price, strong US personal spending, home sales rising the most in three years and a weaker-than-expected PCE index, the Fed’s preferred inflation gauge. France’s CAC 40 did even better and rose by close to 2.4%, buoyed by a near 14% jump in LVMH shares on better-than-expected sales growth and a raised dividend yield. Germany’s DAX 40 index did less well, though still in positive territory, lost upside momentum as German consumer morale unexpectedly dropped.”
Nasdaq 100 weighed down by disappointing Intel
“The Nasdaq 100’s stellar run of late has been dampened by disappointing Intel earnings with the company’s share price slipping by around 11%. On the commodity markets European natural gas futures tumbled to a six-month low while the price of oil stabilized on end-of-week profit taking after strong weekly gains.”
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