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Europe close: Stocks end bumper week with fifth day of gains
(Sharecast News) - European stocks capped a bumper week with a fifth straight session of gains as optimism continued to rise that central banks may be done with monetary tightening. Key in that regard, the latest monthly jobs data in the U.S. undershot economists' forecasts and weakness in oil prices was being linked by some to the softer outlook for growth.
"It has been a storming week for equities, bolstered by cautious Fed comments (dovish would be too strong a word) and now by the signs of slowing US jobs growth," said IG chief market analyst Chris Beauchamp.
"Once more this puts investors in the odd position of being cheered by poorer economic figures, but markets are eager for signs that their belief that rates have passed their peak are correct."
The Stoxx 600 was up 0.17% to 444.24, for a roughly 3.4% gain for the week.
All the other major regional indices ended the day with modest gains, save for the French Cac-40 which drifted lower by 0.19% to 7,047.50.
In parallel, Brent crude oil was trading lower by 2.26% to $84.89 a barrel on the ICE.
The yield on the benchmark 10-year German Bund retreated six basis points to 2.65%.
Earlier, the U.S. Department of Labor reported that non-farm payrolls increased by 150,000 last month (Consensus: 170,000).
And readings for the previous two months were revised lower by hefty combined 101,000.
In company news, consumer electronics retailer Currys rallied in London after agreeing to sell its entire Greek and Cypriot division for €200m (£175m), as it looks to simplify its business model and pay down its pension deficit. The move will allow it refocus on core operations in the UK and Ireland, and Nordics regions, the company said.
Also in London, Smith & Nephew was also rising after an upgrade to 'overweight' at JPMorgan, while Anglo American traded up after an upgrade to 'outperform' at Oddo.
Milan's FTSE MIB outperformed other indices across Europe, adding 0.69%, bolstered by strong gains from financial stocks like Banca Monte Dei Paschi di Siena, Intesa Sanpaolo and Finecobank, and auto stocks Ferrari, Stellantis and Pirelli.
On Thursday, Ferrari had lifted its full-year sales guidance after a strong third quarter.
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