June 25, 2024

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European Stocks Move Modestly Higher, Extending Upward Trend

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European stocks fluctuated over the course of the trading session on Friday before eventually the day modestly higher.

The markets got a boost in mid-day trading following the release of the U.S. Labor Department’s closely watched monthly jobs report.

The pan European STOXX 600 Index edged up 0.2 percent to 444.24, closing higher for the fifth consecutive session.

The German DAX Index also rose by 0.3 percent, although the French CAC 40 Index dipped by 0.2 percent and the U.K.’s FTSE 100 Index fell by 0.4 percent.

The modestly higher close came as the Labor Department report showed employment in the U.S. rose by less than expected in the month of October.

The data added to optimism the Federal Reserve is done raising interest rates after the central bank left rates unchanged for the third time in four meetings earlier this week.

Meanwhile, investors shrugged off data showing that Germany’s exports declined more than expected in September.

Exports decreased 2.4 percent month-on-month, in contrast to the 0.1 percent uptick in August, Destatis reported. Economists had forecast shipments to decline 1.1 percent.

Among individual stocks, medical products maker Smith+Nephew jumped 2.0 percent in London after downplaying concerns about weight-loss drugs.

Currys also surged by 4.0 percent. As part of efforts to simplify its business, the electricals retailer has sold its Greece and Cyprus retail business Kotsovolos to Public Power Corporation S.A. for an enterprise value of 200 million euros ($212.4 million).

German automaker BMW also rallied after posting a margin of 9.8 percent in the third quarter for its luxury car business. Volvo Car also jumped after sales rose 10 percent year-on-year in October.

Property company Deutsche Wohnen also shot up by 3.5 percent as it reported preliminary FFO or funds from operations of 456.3 million euros or 1.15 euros per share for the 9-month period.

Krones AG also spiked by 7.5 percent. The packaging and bottling machine maker reported that…

2023-11-03 13:29:17

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