European Stocks Hold Rally
European stocks closed flat on Friday following nine consecutive sessions of gains as markets assessed the latest corporate developments and risks of trade barriers with the United States under President Trump.
The STOXX 50 closed flat at 5,223, the highest since 2,000, and the STOXX 600 lost less than half a point to close at 530, remaining close to its record high. Luxury stocks were among the top gainers after Burberry posted strong sales in the fourth quarter, lifting LVMH, Hermes, Pernod Ricard, and Kering between 4.3% and 1%. In the meantime, Trump’s softer rhetoric on tariffs against major trading partners drove auto manufacturers to rebound, with BMW, Mercedes-Benz, Volkswagen, and Stellantis adding between 2% and 1%. Outside the Eurozone, Novo Nordisk soared 7% on promising results in one of its weight-loss drugs.
On the other hand, ASML capped its volatile week with a 2% drop. On the data front, fresh PMI figures indicated a slight recovery for European economic activity.
Source: Trading Economics