European Shares Bounce Back As UK Avoids Recession
(RTTNews) - European stocks bounced back on Friday, as government bond yields pulled back from recent highs and new data showed the U.K. economy has not yet fallen into a recession.
U.K. GDP for the second quarter of this year has been revised upwards to show growth of 0.2 percent from the previous estimate of a contraction of 0.1 percent.
Nonetheless, the pace of growth was weaker than the 0.7 percent expansion posted in the first quarter.
Currency markets calmed, with the euro and sterling hitting new one-week highs after the British government agreed to meet with the country's independent budget experts.
The pan European Stoxx 600 rallied 1.3 percent to 387.79 after declining 1.7 percent on Thursday.
The German DAX and France's CAC 40 index both climbed around 1.2 percent while the U.K.'s FTSE 100 was up 0.7 percent.
Swiss chemical firm Clariant jumped 5 percent after Credit Suisse upgraded its rating on the stock to "outperform" and upped its price target.
Italian builder Webuild added 3.3 percent after saying its commercial results will likely exceed significantly the guidance for 2022.
Dignity, a British funeral-related service provider, plunged 10 percent after posting a loss for the first half, amidst a decline in revenues and a surge in administrative expenses.
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