NEW DELHI: Europe's main stock markets opened higher on Friday, following gains in other markets. The tech sector saw a rally, and investors reacted positively to US inflation data.
London's FTSE 100 index rose by 0.6% to reach 7,676.72 points. In the eurozone, the Paris CAC 40 index increased by 0.2% to reach 7,945.82 points, while Frankfurt's DAX rose by 0.8% to reach 17,815.47 points.
Germany's DAX index continued its upward trend, reaching record highs for the seventh consecutive session. The European technology index also saw gains, fueled by the rise of AI-related tech stocks worldwide.
Financials, particularly the banks index, experienced a notable increase of 1.2%. Additionally, real estate stocks rose by 1% due to growing optimism surrounding potential monetary policy easing following the release of US inflation figures that were in line with expectations.
Daimler Truck saw a significant surge of 13.5% following an announcement of higher-than-expected pre-tax earnings for 2023. The German truck maker also declared a dividend increase and a share buyback program.
Grifols, a Spanish pharmaceutical company, experienced a notable increase of 18.2% in its stock price after confirming that the sale of its stake in Shanghai RAAS would proceed. The company also released a new cash flow target for 2024.
However, Swiss logistics group Kuehne und Nagel faced a decline of 12.6% in its stock price after reporting a larger-than-anticipated decrease in annual operating profit, primarily due to weaker performance in nearly all segments. Similarly, Saint-Gobain, a French construction materials group, reported a drop in sales for 2023, resulting in a 4.3% decrease in its shares.
The construction and materials index experienced the most significant decline, with a drop of 0.6%.
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