European stock markets climbed to new highs on Friday, with the pan-European STOXX 600 index continuing to rise for the seventh consecutive session, recording the largest uptrend since last August.
The STOXX 600 is up 0.2% at 483.01 points, heading for a total gain of 1.8% per week. This will be the fifth consecutive week of gains for the index.
The profits follow the cautious moves of central banks on both sides of the Atlantic to tighten their policies to tackle inflation without at the same time causing global stock markets to shake.
The Bank of England surprised the markets on Thursday, keeping its key interest rate unchanged at its all-time low, after the US Federal Reserve announced on Wednesday that it would start reducing purchases in November in the quantitative easing program it launched to deal with the crisis. of coronavirus.
A similar attitude is held by the European Central Bank, with Christine Lagarde to clarify in a speech of this week that an increase in interest rates next year is extremely unlikely.
On the board, the German DAX is moving with marginal gains of 0.04% to 16,035.79 points after the disappointing data on the course of industrial production and retail sales in the country.
The French CAC-40 is up 0.3% at 7,008.81 points, surpassing the psychological level of 7,000 points for the first time in its history. The British FTSE 100 is up 0.4% at 7,309.71 points
In the region, the Italian FTSE MIB gains 0.3%, while the Spanish IBEX 35 loses 0.3%.
At the end of the day, data released today by Eurostat showed that retail sales fell in the Eurozone in September, surprising analysts who were expecting a rise.
In particular, retail sales fell by 0.3% on a monthly basis in September, while from the corresponding month of 2020 they increased by 2.5%, as announced by the European Statistical Office. Analysts in a Reuters poll spoke of a rise of 0.3% on a monthly basis and 1.5% from the same period last year.
The August data was revised upwards, with Eurostat announcing a 1% increase from 0.3% previously.
Germany, the largest economy in the Eurozone, recorded the largest decline in sales with a dip of 2.5%, while in negative territory were the measurements in Finland (-1.9%) and the Netherlands (-1.2).
The data on the course of industrial production in Germany were also disappointing.
Total industrial production fell 1.1% in September on a monthly adjusted basis, according to the statistical service Destatis, refuting analysts’ estimates for a 1% increase.
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