On Friday, European stocks recorded their best weekly gains since November, as the German “DAX” index reached a record high, supported by better-than-expected economic data.
The European “STOXX 600” index rose 0.7 percent, raising its first-week gains in 2012 to 3 percent, which was largely supported by hopes that democratic control of the Senate would lead to a major fiscal stimulus package in the United States.
This supported, along with optimism that the distribution of Coronavirus vaccines will feed a strong global recovery, the American and Asian markets, to reach unprecedented heights. The STOXX 600 is trading at nearly 5 percent below its all-time high of February 2020.
The German “DAX” index was the best performer, as it gained 0.6 percent after data showed that both industrial production and exports rose more than expected in November.
Travel stocks received a boost after French catering and food services group Sodexo raised its profit forecast for the first half of 2021. Its share jumped 10.5 percent to the top of the STOXX 600, while Compass gained 4.2 percent.
The British FTSE 100 Index, on which banking and commodity stocks weighed heavily, added 0.2 percent to a weekly gain of 6 percent.
Source: Reuters
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