European Shares Extend Gains For Fourth Day; FTSE 100 Underperforms
(RTTNews) - European stocks were broadly higher on Friday, rising for a fourth straight session as strong U.S. retail sales data and low weekly jobless claims figures soothed fears of an impending recession in the world's largest economy.
This week's benign producer price and consumer price inflation reports also re-affirmed bets for a 25-bps rate cut by the Federal Reserve in September. The pan European STOXX 600 was up 0.4 percent at 512 after rising 1.2 percent in the previous session.
The German DAX climbed 0.6 percent and France's CAC 40 added 0.3 percent while the U.K.'s FTSE 100 was down 0.3 percent.
The British pound strengthened against other major currencies after official data showed that U.K. retail sales volume rebounded in July - dashing investor hopes of a Q4 Bank of England rate cut.
U.K. retail sales increased 0.5 percent on a monthly basis in July, following a revised 0.9 percent fall in June as summer discounting and the European football Championship boosted department stores and sports equipment stores sales.
Sales volumes advanced 1.4 percent in the year to July after poor weather impacted sales in July 2023. This follows a 0.3 percent decrease in June.
In corporate news, AstraZeneca was marginally higher after receiving priority review from the U.S. FDA for its supplemental Biologics License Application for Imfinzi to treat limited-stage small cell lung cancer.
Nibe Industrier AB jumped 6 percent after posting better-than -expected Q2 results.
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