European stocks: Stocks record best day in 2 months with technology, but have weekly losses

The benchmark posted its worst weekly drop – of 1.5% – in more than two months (Image: Frankfurt Stock Exchange / Reuters)

To the actions European stocks jumped on Friday with strong gains in technology stocks, although the main benchmark posted a weekly decline on growing concerns about a slowing global economy and uncertainty surrounding debt ceiling talks in U.S.

The pan-European index STOXX 600 closed up 1.15% at 461.41 points, the biggest one-day gain in nearly two months, rebounding from an eight-week low hit on Thursday.

Concerns over whether the two sides could reach a deal and avoid a US debt default have weighed on markets in recent weeks. The benchmark index posted its worst weekly drop – of 1.5% – in more than two months.

  • Join Money Times Telegram! Access the news that enriches your day in real time, from the economic and investment markets to relevant topics in Brazil and the world. Click here and take part!

Latest developments have shown the White House and Congressional Republicans are expected on Friday to put the finishing touches on a deal to raise the debt ceiling for two years while limiting spending on everything but the military and veterans. .

“Given the stock sell-off earlier in the week for fear of no deal being reached, the last thing you want is not to be positioned in stocks to capture any bullish movement that would accompany a deal reached over the weekend,” said Stuart Cole. , chief macroeconomist at Equiti Capital.

“Some kind of agreement can be reached before funds run out, even if it is a temporary solution that gives both sides more time to come up with something more comprehensive.”

The tech sector was the best performer, rebounding for a second day on the strong forecast from the US chipmaker. nvidia and with AI revenue guidance from Marvell Technology, with ASML Holding jumping 4.5% to a more than a year high.

In LONDON, the Financial Times index advanced 0.74%, to 7,627.20 points.

In FRANKFURT, the DAX index rose 1.20% to 15,983.97 points.

In PARIS, the CAC-40 index gained 1.24%, at 7,319.18 points.

In MILAN, the Ftse/Mib index appreciated by 1.16%, to 26,713.40 points.

In MADRID, the Ibex-35 index increased by 0.82%, to 9,191.10 points.

In LISBON, the PSI20 index lost 0.39% to 5,866.03 points.

Source: Moneytimes

Share this article:

Leave a Reply

most popular