Cooling US inflation and positive corporate news helped European stocks end week on a high, says Axel Rudolph, Senior Market Analyst at online trading platform IG.
CAC 40 and FTSE 100 today's outperformers
"The FTSE 100 rocketed by over 1.5% on a brighter economic outlook today and rose by nearly 2.4% this week, helped by a rising oil price, strong US personal spending, home sales rising the most in three years and a weaker-than-expected PCE index, the Fed's preferred inflation gauge. France's CAC 40 did even better and rose by close to 2.4%, buoyed by a near 14% jump in LVMH shares on better-than-expected sales growth and a raised dividend yield. Germany's DAX 40 index did less well, though still in positive territory, lost upside momentum as German consumer morale unexpectedly dropped."
Nasdaq 100 weighed down by disappointing Intel
"The Nasdaq 100's stellar run of late has been dampened by disappointing Intel earnings with the company's share price slipping by around 11%. On the commodity markets European natural gas futures tumbled to a six-month low while the price of oil stabilized on end-of-week profit taking after strong weekly gains."
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Recommended content
Editors’ Picks
EUR/USD bounces from daily lows, returns to comfort zone around 1.0750
EUR/USD bounced amid broad US Dollar weakness following the release of US employment-related data. Initial Jobless Claims unexpectedly surged in the first week of May, undermining demand for the American currency.
GBP/USD recaptures 1.2500 post-BOE as USD turns south
GBP/USD fell towards 1.2440 as the Bank of England left monetary policy unchanged, pointing to delayed yet potentially steeper rate cuts. The pair bounced nicely in the American session as an improving mood undermines demand for the US Dollar.
Gold stable just above $2,300 ahead of a fresh catalyst
Gold price remains little changed for a fourth consecutive day on Thursday, trading just above the $2,300 mark. The soft performance of global equities keeps the bright metal afloat as investors hope for directional clues.
Solana meme coins TREMP, BODEN rise after Donald Trump’s pro-crypto stance
Solana-based meme coins TREMP and BODEN post nearly 125% and 7% gains on Thursday. Former US President Donald Trump says his campaign will likely accept crypto donations.
Bank of England inches one step closer to a summer rate cut
The Bank of England is undoubtedly turning more optimistic, but it’s keeping its options open amid some uncertainty surrounding the near-term inflation numbers. We still narrowly expect the first rate cut in August.