{"id":11887,"date":"2021-07-16T10:10:58","date_gmt":"2021-07-16T10:10:58","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/07\/16\/european-shares-rise-ahead-of-us-data\/"},"modified":"2021-07-16T10:10:58","modified_gmt":"2021-07-16T10:10:58","slug":"european-shares-rise-ahead-of-us-data","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/07\/16\/european-shares-rise-ahead-of-us-data\/","title":{"rendered":"European Shares Rise Ahead Of US Data"},"content":{"rendered":"
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European stocks were broadly higher on Friday as investors digested a slew of earnings and looked ahead to the release of U.S. retail sales and consumer sentiment figures later in the day for more clues on the economic outlook.<\/p>\n

The pan European Stoxx 600 edged up 0.1 percent to 456.66 after losing 1 percent on Thursday. The German DAX and the U.K.’s FTSE 100 both rose about 0.3 percent, while France’s CAC 40 index slipped 0.1 percent. <\/p>\n

The British pound pushed higher after a Bank of England policymaker said that the trends fueling price rises may not be temporary. <\/p>\n

Swedish lender Swedbank jumped 3.2 percent after reporting a better-than-expected profit for the second quarter. <\/p>\n

Telecom equipment maker Ericsson slumped 8.2 percent after its second-quarter core earnings came in below expectations. <\/p>\n

Swiss luxury goods group Richemont fell 1.5 percent. The company said constant-currency sales more than doubled in the first quarter. <\/p>\n

British luxury group Burberry slumped 4 percent despite the company announcing that sales have returned to pre-pandemic levels.<\/p>\n

Intercontinental Hotels Jumped 3.7 percent, EasyJet rallied 2.5 percent and British-Airways owner IAG climbed 3.4 percent after U.S. President Joe Biden said the United States is reviewing when it can lift the COVID-related travel ban for European citizens.<\/p>\n

Automakers Volkswagen and Renault rose over 1 percent each after industry data showed Europe’s passenger car registrations increased at a moderate pace in June.<\/p>\n

German sportswear company Puma lost 2.4 percent despite posting strong sales and lifting FY21 outlook.<\/p>\n

In economic releases, Eurozone inflation fell below 2 percent in June, as initially estimated, final data from Eurostat showed on Friday. <\/p>\n

Inflation eased to 1.9 percent in June from 2 percent in the prior month. The annual rate came in line with the flash estimate released on June 30.<\/p>\n

The inflation rate had exceeded the European Central Bank’s target of “below, but close to” 2 percent in May for the first time since 2018.<\/p>\n

On a monthly basis, the harmonized index of consumer prices gained 0.3 percent in June.<\/p>\n

Separately, Eurostat data revealed that the euro area trade surplus declined in May on weak foreign demand.<\/p>\n

The trade surplus fell to a seasonally adjusted EUR 9.4 billion in May from EUR 13.4 billion in April. Exports dropped 1.5 percent on a monthly basis in May, while imports grew 0.7 percent.<\/p>\n

On an unadjusted basis, the trade balance showed a surplus of EUR 7.5 billion in May compared to EUR 8.9 billion surplus in the same period last year. <\/p>\n<\/p>\n<\/div>\n