European Stocks Edge Higher For The Week Once Again

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European Stocks Edge Higher For The Week Once Again

European Stocks Edge Higher For The Week Once Again

European stock markets ended Friday on a high, and despite mixed economic data managed to log overall weekly gains as well.

In the UK, the FTSE 100 closed on Friday at 6,615.58, a 0.41% premium to the day’s open and a 0.92% premium to the weekly open. As with Thursday, the insurance industry weighed the index down, as the Financial Conduct Authority (FCA) announced an investigation into life insurance policies issued in the 1970s. Resolution Limited (RSL.L) closed the week at 292.80, an 8.21% decline for the day and a 6.98% dip on the weeks open. Similarly, Legal & General Group Plc. (LGEN.L) closed the week at 205.00, a 3.48% premium to the day’s open and flat for the week.

The small daily gain in the leading UK index came the UK National Statistics Bureau (NSB) reported business investment (QoQ) at expectations of 2.4%; a bigger than expected current account deficit at -22.4B versus expectations of -14.0B; GDP (QoQ) as expected at 0.7%; and GDP (YoY) as expected at 2.7%.

There are no real market movers set for release on Monday in the UK, with the scheduled data including consumer credit, M4 money supply and mortgage figures.

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On the mainland, the DAX 30 closed out the week at 9,587.19, a 1.44% gain on the day’s open and a 2.51% gain on the week overall. A range of industries boosted the index on Friday, with electricity and gas producer/distributor RWE Aktiengesellschaft (RWE.DE) up 3.92% for Friday at 39.84, 3.19% for the week overall, on the sale of RWE DEA, the groups gas exploration unit.

The weekly and daily gains come despite the Federal Statistical Office Germany reporting disappointing inflation data on Friday, with CPI (MoM) reported at 0.3% versus a forecast of 0.4% and the YoY equivalent reported at 1.0% versus 1.1%.

Looking forward, Destatis is set to report the German retail sales data on Monday, with both the MoM and YoY having the potential to move markets. The figures are forecast at -0.5% and 0.8% respectively.

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com