European Shares Extend Gains On ECB's Dovish Outlook
(RTTNews) - European stocks hit new record highs on Friday, a day after the European Central Bank delivered a widely expected 25-basis point interest-rate cut and guided for a further reduction in March due to concerns about economic growth.
Meanwhile, investors shrugged off data that showed German retail sales unexpectedly contracted on a monthly basis in December.
Also, there has been a slight increase in the number of unemployed people in Germany, with the unemployment rate rising to 6.0 percent as of December 2024 in comparison to 5.7 percent during the same time in 2023.
Elsewhere, French consumer price increased slightly less than anticipated in January.
The pan European STOXX 600 was up 0.3 percent at 540.27 after climbing 0.9 percent in the previous session.
The German DAX was marginally higher, France's CAC 40 gained 0.2 percent and the U.K.'s FTSE 100 added 0.3 percent.
Swiss pharma giant Novartis AG rallied 3 percent after posting better-than-expected fourth-quarter sales and lifting dividend.
SKF AB fell nearly 1 percent after fourth-quarter organic sales fell by 3.1 percent, reflecting weaker demand.
ATOSS Software SE surged 4 percent. The company proposed higher dividend after reporting a rise in Q4 profit.
Smiths Group shares soared more than 12 percent in London. The engineering firm has announced a number of strategic actions, including a further increase in its share buyback program to enhance returns to shareholders.
Industrial technology group Hexagon jumped 7.4 percent after posting a surprise rise in its Q4 operating profit.
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