European Stock Markets Rebound after Euro, Pound Fall
By Investors Hub
European stocks are trading higher on Friday as the euro and pound have fallen against the dollar, helping lift exporters.
While the U.K.?s FTSE 100 Index has advanced by 0.8 percent, the German DAX Index is up by 0.5 percent and the French CAC 40 Index is up by 0.3 percent.
In economic news, euro area private sector growth eased in July, ceding most of the momentum gained in the prior month, data from IHS Markit showed.
The composite output index fell to 54.3 in July from 54.9 in June, in line with the flash estimate. The slowdown was mainly centered on the service sector, where growth eased from June’s four-month high.
Eurozone retail sales grew at a steady pace of 0.3 percent sequentially in June, driven by food sales, Eurostat figures showed. Sales were expected to climb 0.4 percent.
Elsewhere, British service sector growth eased more than expected in July to the weakest level in three months, survey data from IHS Markit showed.
French lender Credit Agricole has jumped after its second quarter core profit jumped 20 percent from last year, helped by growing revenues in most business divisions.
Royal Bank of Scotland has also rallied in London on news it would pay its first dividend in a decade.
Packaging and paper group Mondi has soared after it reported a 25 percent increase in half-year underlying profit, helped by higher selling prices and good demand.
Meanwhile, Swiss Re has moved to the downside. After reporting a drop in first-half net profit, the reinsurance company said it is planning a stock market listing next year for its U.K. unit.
British Airways parent IAG has slumped after reporting its half-year results. Bookmaker William Hill has also fallen sharply after it swung to a huge loss in the 26 weeks to June 27th.