Market Snapshot

European Stocks Recover to Close Broadly Higher on Friday


Last updated: 05/13/2022 12:27:07

12:27 PM EDT, 05/13/2022 (MT Newswires) -- European stock markets closed broadly higher on Friday, recovering from declines yesterday, even as investors digested rising inflation data out of France and Spain as well as a decline in euro area industrial production.

The Stoxx Europe 600 jumped 2.1%, France's CAC rose 2.5%, Germany's DAX added 2.1%, London's FTSE 100 gained almost 2.6%, and the Swiss Market Index was nearly 1.3% higher.

In France, the consumer price index rose 0.4% in April, bringing annual inflation to 4.8% from 4.5% in March, according to data from the country's Insee statistics agency.

Inflation also remained elevated in Spain, with consumer price index data from the local INE statistics institute showing the April annual reading rising from the previous month to 8.3%.

Meanwhile, seasonally adjusted industrial production in the euro area fell 1.8% in March from the previous month, and declined 1.2% in the European Union, statistics agency Eurostat said. The result followed production rising 0.5% in the euro area and 0.6% in the EU in February.

Finland and Sweden are preparing bids for NATO membership that could be announced on Sunday, with the White House backing both potential applications, BBC reported. A Russian foreign ministry statement reportedly said Moscow would take "retaliatory steps" over neighboring Finland's push into NATO.

On the corporate front, Scottish Mortgage Investment Trust (SMT.L) rose more than 7% in London trading, while Deutsche Bank (DBK.DE) gained about 2.4% on the DAX.
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