european stocks subdued before weekend break
Last Updated : GMT 15:30:33
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European stocks subdued before weekend break

Arab Today, arab today

Arab Today, arab today European stocks subdued before weekend break

European stocks
London - AFP

Europe's main stock markets were mixed in subdued trading Friday, with investors digesting economic data from around the world alongside more earnings updates.

London's benchmark FTSE 100 index rose 0.28 percent to stand at 6,687.35 points in afternoon trading in the British capital.

In the eurozone, Frankfurt's DAX 30 slipped 0.33 percent to 11,220.46 points and the CAC 40 in Paris fell 0.18 percent to 5,037.23  points compared with Thursday's close.

The euro advanced to $1.1082 from $1.0931 late in New York on Thursday.

Inflation in the 19-nation eurozone was unchanged in July while the jobless rate for June was also flat, suggesting the economy maintained only modest growth, official data showed Friday.

Analysts said the figures were disappointing, with no sign as yet that the European Central Bank's unprecedented economic stimulus programme is beginning to have a real impact on the economy after years of tepid gains.
In addition, "investors are treading cautiously as we head in to the weekend break with the China crisis and the prospect of a US rate rise impacting confidence", said Mike McCudden, head of derivatives at stockbroker Interactive Investor.

Positive US growth data was however helping to offset concerns about a looming interest rate rise from the Federal Reserve.

"Investors are digesting the earnings and some days you can get good and bad news," said Jacques Porta, a fund manager at Ofi Gestion Privee in Paris, told Bloomberg News. "Overall the earnings season has been of a good quality. Some sectors are doing badly, such as commodity producers because the Chinese economy is weak, and the energy sector is declining."

In Asia on Friday, most stock markets advanced on a healthy batch of economic growth data out of the United States but Shanghai sank again, extending the previous day's sell-off.

Confidence was given a shot in the arm by a report from the US Commerce Department on Thursday that said the world's top economy expanded at an annual rate of 2.3 percent in the April-June period, the strongest growth since the third quarter of 2014.
US stocks were mixed at the open on Friday after ExxonMobil and Chevron profits slumped on falling crude oil prices, dragging down the Dow.

Five minutes into trade, the Dow Jones Industrial Average slid 0.02 percent to 17,742.04 points.

The broad-market S&P 500 edged up 0.10 percent to 2,110.74, while the tech-rich Nasdaq Composite Index gained 0.17 percent to 5,137.55.

ExxonMobil lost 3.8 percent after reporting that its second-quarter earnings halved. Chevron fell 4.1 percent on a 90 percent plunge in net income.

 

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