Major European Markets Close Higher

The major European markets closed higher on Friday as investors picked up stocks, reacting to earnings announcements and on optimism that the Federal Reserve would halt interest-rate increases in the next policy review in June.

The pan European Stoxx 600 climbed 0.4%. The U.K.’s FTSE 100 gained 0.31%, Germany’s DAX surged 0.5% and France’s CAC gained 0.45%, while Switzerland’s SMI ended with a gain of 0.36%.

Other markets in Europe closed on a mixed note. Denmark, Netherlands, Norway, Poland, Spain and Sweden posted gains.

Austria, Czech Republic, Finland, Iceland, Russia and Turkiye closed weak, while Belgium, Greece, Ireland and Portugal ended flat.

In the UK market, Just Eat Takeaway.com rallied 4.5%. JD Sports Fashion and Persimmon gained about 2.75% and 2.6%, respectively.

Compass, GSK, 3i, Rolls-Royce Holdings, SSE, Pearson, Polymetal International, BP, Glencore, Centrica, HSBC Holdings, Antofagasta, ICP and Royal Dutch Shell gained 1 to 2%.

Carnival drifted down more than 3%. TUI, British Land Company, Diageo and Prudential ended lower by 2 to 3%.

Land Securities, Smurfit Kappa, Royal Mail, ITV, Mondi, Kingfisher, Vodafone and Fresnillo also ended notably lower.

In Paris, Teleperformance surged about 3%. Alstom gained 2.3%. BNP Paribas, Capgemini, Thales, Michelin, TotalEnergies, Credit Agricole, Airbus Group and ArcelorMittal gained 1 to 2%.

Societe Generale closed notably higher after the lender posted better-than-expected revenues and net profit.

In the German market, Siemens Energy rallied 3.3%. Continental, Infineon, RWE, Commerzbank, Puma and Porsche gained 1 to 2%.

BMW dropped more than 8%. HeidelbergCement and Vonovia ended lower by 2.4% and 2.2%, respectively. Adidas, Sartorius and Fresenius Medical Care also closed notably lower.

In Switzerland, shares of Richemont rose sharply this morning as it posted record earnings, benefiting strongly from a return in business in China. The stock pared most of its gains as the session progressed, but still ended with a sharp gain of about 3.5%.

In economic releases, the U.K. economy expanded for the second straight quarter, in line with expectations, though output shrunk unexpectedly in the month of March, preliminary data from the Office for National Statistics showed.

Gross domestic product grew 0.1% from the fourth quarter, when it expanded at the same pace.

Data out of France showed that consumer price inflation in the country accelerated slightly as initially estimated in April.

The consumer price index climbed 5.9% year-over-year in April, following a 5.7% rise in March, according to the statistical office Insee. That was in line with the flash data published on April 28.