European stocks were modestly higher on Friday, as a drop in commodity prices and comments from Fed policymakers helped ease investor fears that rising inflation could spur a sudden shift in U.S. monetary policy.
The pan European Stoxx 600 rose half a percent to 439.63, but was still on course for a 1 percent weekly drop. The German DAX and the U.K.’s FTSE 100 were up around 0.6 percent, while France’s CAC 40 index climbed 0.7 percent
Travel-related stocks were moving higher, with Lufthansa and TUI AG both adding about 1 percent following reports that Germany’s pandemic restrictions could ease further in the coming days.
Italian lender Banco BPM rallied 3.3 percent after Deutsche Bank upgraded the stock to “buy”.
French food group Danone fell 1.7 percent after Goldman Sachs downgraded the stock to “sell”.
LondonMetric Property rose about 1 percent in London after it announced the acquisition of three urban logistics warehouses in Croydon, Dunstable and Warrington for 18.7 million pounds.
Miners fell, with Antofagasta down 2.4 percent and Rio Tinto losing 2 percent as raw materials cooled from a scorching rally.
Total SE rose 1.2 percent, BP Plc gained 0.6 percent and Royal Dutch Shell added 1 percent, even as oil extended losses after dropping about 3 percent overnight on fading pipeline outage gears and rising COVID-19 cases in India, the world’s third biggest importer of crude.
Sanne Group shares soared 23 percent after the asset management services provider rejected a $1.90 billion buyout proposal.
Spirits maker Diageo climbed 1.1 percent after HSBC raised its price target on the stock.
Market Analysis
European Shares Rise As Inflation Worries Ease
2021-05-14 09:50:45
