European stock markets edged higher Friday, as investors digested better than expected French industrial production data at the end of a difficult week.
At 03:40 ET (07:40 GMT), the DAX index in Germany traded 0.1% higher, the FTSE 100 in the U.K. rose 0.1% and the CAC 40 in France climbed 0.1%.
Yet, these major cash indices are all on course to register losses this week, while the pan-European benchmark STOXX 600 index has fallen for seven straight days, its worst string of losses since February 2018.
French industrial production rebounded in July
Data released earlier Friday showed that French industrial output rebounded more than expected in July, climbing 0.8% on a monthly basis instead of the 0.1% expected after slumping 0.9% the prior month.
The equivalent data in Spain fell 1.8% in July, but this was still better than the 2.0% fall expected and the prior month’s 3.2% drop.
While these figures have generated some optimism, industrial production in Germany, the region’s dominant economy, fell by more than expected in July
Gross domestic product in the eurozone grew just 0.1% in the second quarter compared to the previous three months, and Citigroup (NYSE:C) has downgraded its 2023 economic growth forecast for the euro area to 0.4%, and said it expected the region’s economy to shrink “gently” over the next three quarters.
Additionally, German consumer prices rose 0.3% on the month in August, an annual rise of 6.1%, data showed earlier Friday.
Important Note: The information found on Ausprime platform is intended only to be informative, is not advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not include any specific investment objectives, financial situation and needs of any specific person who may receive it. The past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statement