European Shares Rises as Data from UK, Germany Ease Concerns
By Investors Hub
European stocks have moved higher on Friday as solid economic data from Germany and the U.K. helped ease concerns over growth and investors remained hopeful of a breakthrough in U.S.-China trade talks.
While the German DAX Index has climbed by 0.6 percent, the French CAC 40 Index is up by 0.4 percent and the U.K.?s FTSE 100 Index is up by 0.2 percent.
Swiss engineering firm ABB has moved notably higher after its Power Grids business won a triple digit million-euro order from the Aibel/Keppel FELS consortium.
Altice Europe has also shown a strong move to the upside. The Netherlands-based company signaled the turnaround of his telecoms and cables group was underway.
IAG, owner of British Airways and Iberia, has also jumped after reiterating its 2019 profit would be “in line” with last year.
Provident Financial has also risen after its board strongly urged its shareholders to take no action in relation to Non-Standard Finance offer.
GEA Group shares have also soared in Frankfurt. The company said it is working on plans to restructure the future organization of the group, which is to be communicated on June 24.
In economic news, official data showed German exports rebounded at the fastest pace in three months in March, defying expectations for a further decline.
Exports rose 1.5 percent month-on-month in March after a revised 1.2 percent drop in February, adding to hopes that the biggest euro area economy performed strongly in the first three months of the year after narrowly escaping a recession in the previous quarter.
Britain’s economy got a sharp one-off boost in the first three months of 2019, boosted by companies stockpiling ahead of Brexit, another report showed.
GDP grew 0.5 percent in the first quarter, outpacing the 0.2 percent expansion seen in the final three months of 2018.