FTSE hits fresh record as Europe surfs global risk-on wave

Banks led European gains while car stocks were hot on their heels

Banco Popular rose 4 per cent early Friday morning, recovering some ground after Thursday’s sharp sell-off on jitters around the bank’s liquidation. (Photograph: Reuters)

Banco Popular rose 4 per cent early Friday morning, recovering some ground after Thursday’s sharp sell-off on jitters around the bank’s liquidation. (Photograph: Reuters)

 

Britain’s FTSE hit a fresh record high on Friday, surfing on a wave of positive economic data lifting stocks across Europe, with cyclicals leading the way.

Gains of 0.5 per cent pushed Britain’s FTSE up into positive territory for the week, setting a fresh record high of 7,585.4 points. Positive employment and manufacturing data from the US pushed world stocks to a record high earlier on Friday.

Banks led gains in Europe while auto stocks followed hot on their heels, helping push the carmaker-heavy DAX up 0.8 per cent.

French pharmaceuticals firm Ipsen jumped 9.8 per cent at the open after the company said it would buyback €1.67 billion worth of its shares.

Banco Popular rose 4 per cent, recovering some ground after Thursday’s sharp sell-off on jitters around the bank’s liquidation.

Retailer B&M was among top fallers, down 3.3 per cent after private equity firms CD&R and SSA sold a 12.5 per cent stake in the firm.

Linde rose 1.4 per cent, among top DAX gainers, after sealing a $73 billion (€65.2 billion) merger deal with US peer Praxair to create an industrial gases leader.

Shares in Daimler, BMW and Volkswagen rose despite a decline in monthly US car sales.

US President Trump delivered a blow to the renewable energy agenda, saying he would withdraw the United States from the landmark 2015 global agreement to fight climate change, though European and Asian leaders reaffirmed their commitment to it.

Shares in Danish wind energy provider Vestas fell 1.4 per cent, on track for their worst weekly losses in six months.

Europe’s energy stock index, which includes oil and gas as well as renewable companies, was the only sector in the red, down 0.2 per cent.

-(Reuters)