European Stocks Climb at End of Volatile Week
European stocks rose Friday at the end of a volatile week for markets, helped by the Eurozone's economic recovery and ECB assurances over its support package.
Asian equity markets closed out Friday with losses as the Delta variant continued to cast a shadow across trading floors.
Wall Street's three main indices closed near new record highs Thursday, fuelled by better-than-expected corporate reports and seemingly unbreakable optimism about the long-term economic outlook.
"It's been quite the tumultuous week," noted Russ Mould, investment director at AJ Bell.
"Investors who panicked when global markets took a dive on Monday may now be regretting their decisions to dump holdings."
Mould added that attention would turn to next week's Federal Reserve policy meeting, as traders seek clues on the timing of rises to interest rates with global inflation soaring.
The European Central Bank on Thursday said that while the Eurozone was bouncing back strongly, it would maintain its ultra-loose monetary policies until at least the end of March 2022, or until officials consider "that the coronavirus crisis phase is over".
Business activity in the Eurozone shot ahead at its fastest rate in 21 years in July, a closely watched survey said Friday, as the economy went into full throttle with loosened Covid-19 restrictions.
But the survey also showed that the spread of the coronavirus' Delta variant was beginning to chip away at business confidence, with concern that new measures could again sow chaos in the economy.
The PMI composite index from economic data group IHS Markit said activity rose from 59.5 in June to a strong 60.6 in July, well above the 50-point level that indicates growth.
- Key figures around 1100 GMT -
London - FTSE 100: UP 0.8 percent at 7,026.98 points
Frankfurt - DAX 30: UP 1.0 percent at 15,661.77
Paris - CAC 40: UP 1.0 percent at 6,548.65
EURO STOXX 50: UP 1.0 percent at 4,101.36
Hong Kong - Hang Seng Index: DOWN 1.5 percent at 27,321.98 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,550.40 (close)
Tokyo - Nikkei 225: Closed for a holiday
New York - Dow: UP 0.1 percent at 34,823.35 (close)
Euro/dollar: DOWN at $1.1765 from $1.1772 at 2020 GMT
Euro/pound: UP at 85.66 pence from 85.49 pence
Pound/dollar: DOWN at $1.3734 from $1.3766
Dollar/yen: UP at 110.46 yen from 110.18 yen
Brent North Sea crude: DOWN 0.4 percent at $73.52 per barrel
West Texas Intermediate: DOWN 0.3 percent at $71.69 per barrel
Source: Agence France Presse
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