European stocks rebounded on Friday, thanks to enthusiastic results from LVMH Moët Hennessy Louis Vuitton and Daimler, while US equity futures also rose higher as investors waited for data. of retail sale.
The Stoxx Europe 600 index SXXP,
rose 0.8% to 365.78, after closing 2% on Thursday, the biggest one-day decline since September 21. The index was headed for a weekly loss of just over 1%. The German DAX DAX,
rose 0.6%, the French CAC 40 PX1,
climbed 1.4% and the FTSE 100 UKX,
increased by 1%.
US stock futures YM00,
was moderately higher, after a weak finish on Thursday driven by downbeat job data and lack of development on a coronavirus relief package. Retail sales, industrial production and a consumer cent survey were ahead of the US on Friday.
Investors remain concerned about rising coronavirus cases in both the US and Europe and their impact on economies. Some European countries have been forced to tighten restrictions this week, transfers that include a curfew in Paris and a ban on various households gathering in London.
Politics will also remain a theme in London, where Prime Minister Boris Johnson is due to make a statement on Friday if the UK resumes Brexit talks with the EU, after an uncertain summit on this week.
European Commission President Ursula von der Leyen left the summit on Thursday afternoon, and was in quarantine after a member of his staff tested positive for COVID-19. He said he had tested negative for the virus.
The clothing sector took the lead on Friday, thanks to a 6% jump in CAC 40-weight LVMH Moet Hennessey LVMH shares,
The luxury goods manufacturer reported strong growth in the Louis Vuitton and Dior brands, slightly reversing the steep decline elsewhere.
That news gave rise to the whole sector, with Hermès International RMS shares,
at Burberry BRBY,
up to 3%, and Dry KER,
The auto sector also gained, assisted by 3% increase in Daimler DAII,
shares after German auto maker reported initial earnings in the third quarter above market consensus, and said it expects a surplus remaining by 2020.
That is as shown in the data that passenger-car registration rose in the European Union which rose for the first time in a year in September, for a gain of 3.1%. However, it is a mixed image throughout the region, with those obtained in Germany and Italy, but rejected in France and Spain. Renault RNO,
shares rose 1% in Paris.
At Volvo VOLV.B,
reported better than expected net profit in the third quarter, due to the recovery of demand for truck and construction equipment. Shares increased by 3%.
A leading supplier for Stoxx 600, Thyssenkrupp TKA,
shares rose 16%. The UK-based international industrial and metal group, Liberty House, may announce a bid for Thyssenkrupp’s steel loss work shortly Friday, the Financial Times reported, citing sources.