(Reuters) -European stocks rose on Friday as retreating bond yields offered some relief to investors, with brighter-than-expected economic data also aiding sentiment.
The pan-European STOXX 600 index rose 0.3% by 0721 GMT, on course for its sixth straight week of gains.
The UK’s blue-chip FTSE 100 rose 0.4% after data showed British retail sales jumped more than expected in April.
In another positive sign, the German economy grew significantly more in the first quarter than previously estimated due to good economic developments in March, data showed.
The German DAX, also up 0.4%, was trading just below all-time highs.
Stock markets succumbed to some selling pressure this week as Treasury yields soared on concerns about ballooning U.S. debt, while May business activity surveys painted a gloomy picture of the euro zone economy.
However, the benchmark 10-year U.S. and European government bond yields eased on Friday.
Among single stocks, British investment platform AJ Bell jumped 9.8% after it posted a 12% year-over-year rise in half-yearly profit before tax, benefitting from increased client activity.
Michelin rose 0.9% after Jefferies upgraded the French tyre maker to “buy,” citing growth potential in earnings.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Mrigank Dhaniwala)
Comments