![]() ![]() ![]() US stock indices rose on Friday, as Johnson & Johnson and big technology and communication stocks led gains at the end of a week scarred by deepening concerns over prolonged inflation. Travel and leisure stocks were the worst weekly performers, down 3.7 per cent as investors feared new restrictions. The luxury sector also got a boost from France’s LVMH, which gained 2.5 per cent on news that Louis Vuitton was planning to open its first duty-free shop in China.įrench blue-chip shares also finished the week at all-time highs, with car maker Renault jumping 4.4 per cent after Morgan Stanley upgraded its stock. Richemont surged 10.9 per cent and was the best-performing European stock for the day, after it beat six-month profit estimates and said it was seeking investors for its loss-making Yoox business. It has finished at record highs in four of the five sessions this week. The pan-European Stoxx 600 index rose 0.3 per cent to a new peak of 486.75 points, and added 0.7 per cent for the week. Online trading platform IG Group slipped 1.4 per cent after completion of a comprehensive refinancing of its debt, providing it with additional financial flexibility to grow. In a bright spot, there were reports suggesting Britain wanted to de-escalate tensions with the European Union and renew efforts to find a solution over a Northern Ireland trade dispute. The Ftse 100 has gained just 13.9 per cent this year compared with the 21.7 per cent increase in the pan-European Stoxx 600 index. However, the surge in mining stocks earlier in the week put the Ftse 100 on track for its third consecutive week of gains.īogged down by inflationary pressures and supply chain problems, UK blue-chip shares continue to underperform their European peers. The blue-chip Ftse 100 index ended 0.5 per cent lower, weighed by AstraZeneca after the Covid-19 vaccine maker reported a smaller-than-expected quarterly profit and stuck with its overall profit forecast for the year.Ī 2.6 per cent drop in mining stocks and 1.2 per cent slide in energy stocks also dragged down the commodity-heavy Ftse 100 index as a stronger dollar weighed on commodity prices on bets of an earlier-than-expected interest rate. That follows Thursday’s 1.3 per cent decline after it announced plans to sell off its remaining stake in dairy processing business Glanbia Ireland.īanking shares also headed lower, with Bank of Ireland down 1.5 per cent to €5.15 and AIB losing 2.15 per cent to end at just under €2.23. Glanbia stock dipped for a second day, losing 0.66 per cent to close at €13.61. Ryanair was 2.7 per cent lower at €16.90, as fears over new lockdowns caused travel stocks across Europe to decline. The Irish index of shares finished the day largely flat at 8,484, down 0.3 per cent. ECB policymakers acknowledged on Friday that euro zone inflation may decline more slowly than earlier thought, partly due to supply chain bottlenecks.Įurope has become the epicentre of Covid-19 again, with Germany, France, and the Netherlands experiencing a surge in infections, and prompting some governments to consider reimposing lockdowns. European shares closed with their sixth straight week of gains and at a new high on Friday. ![]()
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