European Stocks Close Broadly Higher

(RTTNews) - European stocks closed broadly higher on Friday with investors digesting the latest batch of economic data from Europe and the U.S., and looking ahead to quarterly earnings announcements.

Data from the U.S. labor department showed an increase in wage growth and a drop in unemployment rate. Data showed an increase in non-farm payrolls, but the rise was smaller than economists' forecast.

The pan European Stoxx 600 edged up 0.1%. Germany's DAX climbed 0.48%, France's CAC 40 gained 0.42%, while the U.K.'s FTSE 100 ended 0.32% down. Switzerland's SMI declined 1.02%.

Among other markets in Europe, Austria, Belgium, Finland, Iceland, Ireland, Poland, Portugal, Russia, Sweden and Turkiye closed higher.

Czech Republic, Denmark and Spain ended weak, while Greece, Netherlands and Norway settled flat.

In the UK market, Ocado Group rallied 7%. Coca-Cola HBC surged 5.1% after upgrading its 2023 earnings guidance.

Johnson Matthey, Kingfisher, Rolls-Royce Holdings, JD Sports Fashion, Melrose Industries, Croda International, Antofagasta, Smurfit Kappa Group, IAG and Anglo American Plc gained 1.5 to 3%.

Relx, Intertek Group, Severn Trent, Astrazeneca, National Grid, United Utilities and GSK ended sharply lower.

In the German market, BASF surged more than 5%. Covestro, Commerzbank, Zalando and Deutsche Bank gained 2 to 3%.

Continental, Infineon, Vonovia and Adidas advanced 1 to 1.8%.

HeidelbergCement shed about 3%. Beiersdorf, Qiagen, E.ON, Deutsche Boerse, RWE and BMW also ended notably lower.

In Paris, Unibail Rodamco rallied more than 4.5%. Stellantis, ArcelorMittal, Alstom, STMicroElectronics, Capgemini, Saint Gobain, Airbus Group, Hermes International and LVMH gained 1.1 to 2.2%.

Orange, L'Oreal, Sanofi and Pernod Ricard ended weak.

In the Swiss market, Clariant AG shares rallied sharply despite the specialty chemicals firm reporting weak preliminary sales in its second quarter and lowering its 2023 guidance.

In European economic news, data from Destatis showed Germany's industrial production declined more than expected in May, falling by 0.2%, after a 0.3% increase in April. Output was forecast to drop 0.1%.

France's trade deficit narrowed in May due to rising exports, data published by the customs office showed Friday. The trade deficit came in at EUR 8.42 billion in May compared to a shortfall of EUR 10.56 billion in April.

Exports posted a monthly growth of 4.7%, while imports rose only 0.4%.

Driven by rising surplus on services trade, the current account deficit declined notably in May, the Bank of France reported. The current account deficit declined to EUR 0.7 billion in May from EUR 1.7 billion in the previous month, the central bank said.

UK house prices declined at the fastest pace in twelve years in June as rising interest rates dampened demand, results of a survey by Lloyds Bank subsidiary Halifax showed.

House prices fell 2.6% on a yearly basis in June, which was the biggest fall since June 2011. This followed a 1.1% decrease in May.

Switzerland's unemployment rate held steady in June after falling slightly in the previous month, the State Secretariat for Economic Affairs, or SECO, said.

The unadjusted unemployment rate came in at 1.9% in June, the same as in May. Meanwhile, economists had expected the rate to fall to 1.8%. In the corresponding month last year, the jobless rate was 2%.