{"id":34508,"date":"2023-05-19T17:14:50","date_gmt":"2023-05-19T17:14:50","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/05\/19\/european-stocks-close-higher-8\/"},"modified":"2023-05-19T17:14:50","modified_gmt":"2023-05-19T17:14:50","slug":"european-stocks-close-higher-8","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/05\/19\/european-stocks-close-higher-8\/","title":{"rendered":"European Stocks Close Higher"},"content":{"rendered":"
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European stocks moved higher on Friday amid optimism the U.S. lawmakers will agree on a debt ceiling deal sometime soon and help avert the risk of default.<\/p>\n

However, stocks pared some gains in the closing minutes amid some uncertainty about a deal on reports GOP negotiators had walked out of the debt ceiling meeting.<\/p>\n

In economic releases, Germany’s producer prices posted their slowest annual growth in two years in April, Destatis reported earlier today.<\/p>\n

Producer prices registered an annual growth of 4.1% in April after rising 6.7% in March. This was the weakest increase since April 2021, when prices gained 5.2%. Economists had forecast a 4% rise.<\/p>\n

Separately, survey data from the market research group GfK showed that U.K. consumer confidence continued to strengthen in May.<\/p>\n

The consumer sentiment index posted -27 in May compared to -30 in April – marking improvement for the fourth straight month.<\/p>\n

The pan European Stoxx 600 climbed 0.66%, hitting a one-year high. Germany’s DAX, which scaled a new peak, gained 0.69%. The U.K.’s FTSE 100 gained 0.19% and France’s CAC 40 advanced 0.61%. Switzerland’s SMI surged 1.17%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Belgium, Finland, Greece, Ireland, Netherlands, Norway, Poland, Spain and Sweden closed higher.<\/p>\n

Iceland, Portugal and Russia ended weak, while Czech Republic ended flat.<\/p>\n

In the UK market, BT surged more than 3%. ICP, Scottish Mortgage, Flutter Entertainment, St. James’s Place, SSE, Hiscox, Hargreaves Lansdown and British Land Company gained 1.5 to 2.3%.<\/p>\n

JD Sports Fashion tumbled nearly 8%. Polymetal Internationanl declined 7.2%. EasyJet ended nearly 5% down, and Burberry Group lost 4.1%.<\/p>\n

Persimmon, Royal Mail, Berkeley Holdings, Carnival, IAG, Kingfisher, NEXT, TUI, Standard Chartered, Intercontinental and Melrose also declined sharply.<\/p>\n

In the German market, Merck, Porsche, Fresenius Medical Care, Munich RE and Hannover Rueck climbed 2.2 to 3.2%.<\/p>\n

E.ON, Siemens Healthineers, Fresenius, Deutsche Boerse, Symrise and Siemens gained 1 to 1.5%.<\/p>\n

Puma ended lower by about 5.5%. Adidas ended lower by 3.2%, while Commerzbank, MTU Aero Engines, Zalando and Covestro lost 1 to 1.4%.<\/p>\n

In Paris, Veolia, Stellantis, Sanofi, Saint Gobain, Schneider Electric, Capgemini, Legrand, Dassault Systemes, L’Oreal, Carrefour and Air Liquide gained 1 to 2%.<\/p>\n

Kering declined 1.7% and Essilor ended 1.6% down. Thales, WorldLine, Vivendi and Renault also closed weak. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n