Global Market News

European Equities Close Out Week Higher in Friday Trading


Last updated: 09/15/2023 12:01:14

12:01 PM EDT, 09/15/2023 (MT Newswires) -- European stock markets closed higher in Friday trading as the Stoxx Europe 600 gained 0.23%, the Swiss Market Index rose 0.90%, France's CAC increased 0.96%, the FTSE in London was up 0.50%, and Germany's DAX closed 0.56% higher.

The employment rate of people aged 20-64 in the EU rose one-tenth of a percentage point in Q2 to 75.4% compared with the previous quarter, according to Eurostat, the statistical office of the EU.

Eurostat also reported that hourly labor costs rose 4.5% in the euro area and 5.0% in the EU in Q2 compared with the same quarter of the previous year. The highest increases in hourly wage costs were in Hungary, Croatia, Slovenia, Romania and Bulgaria.

In France, the consumer price index rose 1.0% in August from July, after prices increased only 0.1% in July from June, according to the Institute for Statistics and Economic Studies. Compared with the year-ago month, consumer prices were up 4.9% in August, after rising 4.3% in July.

In Italy, the consumer price index rose 0.3% in August on monthly basis and 5.4% on annual basis, according to the Italian National Institute of Statistics.

And in corporate news, Apple (AAPL) said it will update its iPhone 12 software in France after the country's regulators suspended sales of the smartphone over its alleged violation of radiation exposure limits, Reuters reported Friday. Apple contested the findings but said it would issue a software update to accommodate the testing protocols used in France.

Luxury stocks rallied in Friday trading as Louis Vuitton led the gainers on the CAC in Paris, rising 2.3%, followed by Kering and Hermes International, which advanced 1.9% and 1.6% respectively, while Burberry closed 2.2% higher on the FTSE in London.

Mining stocks were also trending higher as Anglo American gained 1.8% on the FTSE, followed by Fresnillo and Rio Tinto, which rose 1.3% each, while ArcelorMittal closed 1.5% higher in Paris.
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