European Shares Rise On Weaker Euro; FTSE Hits Fresh Record High

13.01.17 11:55

VIENNA (dpa-AFX) - European stocks rebounded on Friday as Fiat Chrysler shares recovered from Thursday's slump and banks rallied ahead of earnings releases from three of the major U.

S. banks due later in the day.

Fed Chair Janet Yellen's comments on Thursday that the U.S. economy is facing no serious obstacles in the short term also buoyed investor sentiment on a light day on the economic front.

The pan-European Stoxx Europe 600 index was up 0.47 percent at 364.23 in late opening deals after declining 0.7 percent on Thursday to snap a two-day winning streak. The German DAX was moving up half a percent and France's CAC 40 index was gaining 0.6 percent.

The U.K.'s FTSE 100 was up 23 points or 0.32 percent at 7,315 in late opening deals, on track for its record 14th straight session of gains and its sixth straight weekly advance.

Shares of Fiat Chrysler Automobiles jumped 4 percent after tumbling as much as 16 percent the previous day as the U.S. Environmental Protection Agency accused the company of using undeclared software to pass laboratory emissions tests.

Daimler, Volkswagen, BMW, Renault and Peugeot climbed 1-2 percent on a weaker euro.

Banks also traded broadly higher, with Commerzbank, Deutsche Bank, BNP Paribas and Credit Agricole rising 1-2 percent.

French media & entertainment firm Technicolor slumped 19 percent after issuing downbeat trading update for 2016.

Drug makers AstraZeneca, Shire and Hikma Pharma rose over 1 percent each in London.

Merck KGaA rose 1 percent in Frankfurt after announcing a partnership with Palantir giving the later a cut of Merck's resulting profits.

Mitchells & Butlers Plc shares soared 5 percent as the British pub operator reported strong festive period sales across all brands.

Grafton Group rallied 7 percent. In a trading update, the building materials and DIY group said its group revenue for the year to the end of December rose by 13 percent on a reported basis and by 10 percent in constant currencies.

ITV shares rose over 2 percent after Goldman Sachs upgraded its outlook for the media sector to "attractive" from "neutral".

Specialist building products distributor SIG soared 10 percent on reporting a 1.2 percent rise in group sales for the year to the end of December.

Gold miner Fresnillo dropped 1.8 percent as gold prices fell from a seven-week high on dollar's strength.

Copyright RTT News/dpa-AFX


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