Dipo Olowookere
By Investors Hub
European stocks are extending a recovery on Friday as investors have shrugged off the possibility of more interest rate hikes from the Federal Reserve and turned their focus to encouraging earnings news.
While the French CAC 40 Index has advanced by 0.9 percent, the U.K.?s FTSE 100 Index is up by 0.7 percent and the German DAX Index is up by 0.5 percent.
French automaker Renault has rallied after it posted record sales and earnings for 2017. Utility EDF has also soared after its net income for fiscal year 2017 increased 11.3 percent, reflecting the positive effect of the capital gain recorded for the sale of 49.9 percent of CTE.
German insurer Allianz has edged higher. The company raised its dividend for 2017 despite reporting a 22 percent decline in fourth quarter net profit, hit by a weak U.S. dollar and one-off costs.
Infrastructure construction firm Balfour Beatty has also advanced after its joint venture was awarded a $1.95 billion design, build, finance, operate and maintain contract for the ‘Automated People Mover’ at Los Angeles International Airport.
Industrial profit company Segro has jumped after reporting an increase in full year profits and raising its final dividend.
Meanwhile, Air France-KLM has plunged as it posted net loss of 977 million euros for the fourth quarter, hit by a non-current expense linked to the de-recognition of pension assets in the group’s balance sheet.
