Britain's FTSE hit a fresh record high on Friday, surfing on a wave of positive economic data lifting stocks across Europe, with cyclicals leading the way. The pan-European STOXX 600 was up 0.6 percent by 0720 GMT, while Euro zone stocks gained 0.9 percent.
Britain’s FTSE hit a fresh record high on Friday, surfing on a wave of positive economic data lifting stocks across Europe, with cyclicals leading the way. The pan-European STOXX 600 was up 0.6 percent by 0720 GMT, while Euro zone stocks gained 0.9 percent and euro zone blue chips jumped 1 percent, set for their first weekly gain in a month. Gains of 0.5 percent pushed Britain’s FTSE up into positive territory for the week, setting a fresh record high of 7,585.4 points.
Positive employment and manufacturing data from the U.S. pushed world stocks to a record high earlier on Friday.
Banks led gains in Europe while auto stocks followed hot on their heels, helping push the carmaker-heavy DAX up 0.8 percent. French pharmaceuticals firm Ipsen jumped 9.8 percent at the open after the company said it would buyback 1.67 billion euros worth of its shares.
Banco Popular rose 4 percent, recovering some ground after Thursday’s sharp sell-off on jitters around the bank’s liquidation. Retailer B&M was among top fallers, down 3.3 percent after private equity firms CD&R and SSA sold a 12.5 percent stake in the firm.
Linde rose 1.4 percent, among top DAX gainers, after sealing a $73 billion merger deal with U.S. peer Praxair to create an industrial gases leader. Shares in Daimler, BMW and Volkswagen rose despite a decline in monthly U.S. car sales.
U.S. President Trump delivered a blow to the renewable energy agenda, saying he would withdraw the United States from the landmark 2015 global agreement to fight climate change, though European and Asian leaders reaffirmed their commitment to it. Shares in Danish wind energy provider Vestas fell 1.4 percent, on track for their worst weekly losses in six months.
Europe’s energy stock index, which includes oil and gas as well as renewable companies, was the only sector in the red, down 0.2 percent.