{"id":51013,"date":"2024-09-27T18:02:49","date_gmt":"2024-09-27T18:02:49","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/09\/27\/european-stocks-close-week-on-a-firm-note\/"},"modified":"2024-09-27T18:02:49","modified_gmt":"2024-09-27T18:02:49","slug":"european-stocks-close-week-on-a-firm-note","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/09\/27\/european-stocks-close-week-on-a-firm-note\/","title":{"rendered":"European Stocks Close Week On A Firm Note"},"content":{"rendered":"
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European stocks closed higher on Friday, with several major markets<\/span> hitting record highs, as investors continued to cheer China’s stimulus announcements, and bet on hopes of more interest-rate cuts by central banks.<\/p>\n

Soft inflation data from France and Spain also helped underpin sentiment.<\/p>\n

The pan European Stoxx 600 ended up 0.47%. The U.K.’s FTSE 100 climbed 0.43%. Germany’s DAX ended higher by 1.22%, and France’s CAC 40 closed up 0.64%. Switzerland’s SMI advanced 0.2%.<\/p>\n

Among other markets in Europe, Austria, Belgium, Finland, Iceland, Netherlands, Norway, Poland, Portugal, Russia and Spain ended higher.<\/p>\n

Denmark, Greece, Sweden and Turkiye closed weak.<\/p>\n

In the UK market, Croda International, Smith & Nephew, Frasers Group, Entain, Halma, Sainsbury (J), Spirax Group and IAG gained 2 to 3.3%.<\/p>\n

Prudential gained 2.7% on reports the firm is close to finalizing a 15-year partnership with Indonesia’s largest Islamic lender, PT Bank Syariah Indonesia, in a deal reportedly worth several hundred million dollars. Prudential has also reportedly agreed to acquire full ownership of Prudential Zenith Life Insurance, its joint venture in Nigeria. <\/p>\n

Next, Endeavour Mining, Fresnillo, Beazley, SSE and Howden Joinery ended notably lower.<\/p>\n

In the German market, Brenntag, Infineon and BASF gained 6.5 to 7%. Siemens Healthineers climbed 5.1%, while Porsche, Bayer, Continental, BMW, Mercedes-Benz, Adidas, Puma, Zalando, Daimler Truck Holding, Qiagen, Volkswagen and Sartorius advanced 2 to 4.5%.<\/p>\n

Heidelbergcement, Siemens Energy and MTU Aero Engines lost 1.2 to 1.7%.<\/p>\n

In the French market, Kering jumped more than 6%. STMicroElectronics gained about 6%. Stellantis, LVMH, Renault and Edenred gained 3.5 to 4.1%.<\/p>\n

Essilor, Teleperformance, Capgemini, Eurofins Scientific, Pernod Ricard, Accor, Carrefour, Vivendi and Air Liquide ended higher by 1 to 2.3%.<\/p>\n

Schneider Electric, Safran, Saint Gobain and Publicis Groupe lost 1 to 1.7%.<\/p>\n

On the economic front, France’s consumer price inflation eased in September to the lowest level in more than three years amid a fall in energy prices, a provisional estimate from the statistical office INSEE showed. A separate official report showed that producer prices increased for the second straight month in August.<\/p>\n

France’s consumer price index climbed 1.2% year-over-year in September, slower than the 1.8% rise in the previous month. Economists had expected inflation to ease to 1.6%. On a monthly basis, consumer prices fell 1.2% in September, reversing a 0.5% rise in August.<\/p>\n

EU-harmonised inflation also softened to 1.5% from 2.2% in the prior month. Monthly, the HICP showed a decrease of 1.2%.<\/p>\n

In a separate report, the statistical office revealed that industrial producer prices in the home market rose 0.2% month-on-month in August, slightly slower than the 0.3% increase in the previous month. On an annual basis, the decline in producer prices deepened somewhat to 6.3% from 5.7% in July.<\/p>\n

Data released earlier in the day showed Germany’s Unemployment rate steady at 6% on expected lines. The number of unemployed individuals however rose by 17,000 in September 2024 versus 12,000 that the markets had anticipated. <\/p>\n

Data from U.S. Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1% in August after rising by 0.2% in July. The uptick matched expectations. The report also said the annual rate of growth by the PCE price index slowed to 2.2% in August from 2.5% in July. Economists had expected the pace of growth to slow to 2.3%.<\/p>\n

Meanwhile, the Commerce Department said the annual rate of growth by the core PCE price index accelerated to 2.7% in August from 2.6% in July, in line with estimates. <\/p>\n<\/p>\n

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