Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Europe close: London, Paris and Frankfurt hit new highs as stocks rise
(Sharecast News) - Europe stocks rose strongly again on Friday, with the Stoxx 600 setting yet another record high as benchmark indices in London, Paris and Frankfurt all finished at fresh peaks. The Stoxx 600 gained 0.8% to a new high of 520.76, with broad-based gains across the continent, pushing the pan-European index up 2.9% on the week.
The FTSE 100 rose 0.6% to a new high of 8,433.87 on Friday, the CAC 40 gained 0.4% to 8,219.14 while the DAX 40 climbed 0.5% to 18,722.85.
Helping sentiment was data that showed that the UK economy exited a recession in the first quarter, with GDP growing by 0.6% from the preceding three months. That followed a contraction of 0.3% in the fourth quarter and was ahead of the 0.4% growth expected by economists.
"While we saw an initial bump for the pound, those gains have been tempered somewhat as traders attempt to gauge whether this strong data might drive a fresh bout of inflation pressures or temper the BoE's desire to act swiftly," said Joshua Mahony, chief market analyst at Scope Markets.
With an absence of economic data from the rest of Europe on Friday, eyes turned to developments in the US after American consumer sentiment fell to a six-month low in May. The University of Michigan said people were worried that inflation, unemployment and interest rates may all be moving in an "unfavourable direction".
Meanwhile, Federal Reserve policymakers were continuing to push back against expectations for significant interest-rate cuts this year. Fed governor Michelle Bowman said the central bank must proceed "carefully and deliberately" to bring inflation down to the 2% target, while Dallas Fed president Lorie Logan said that it was "just too early to think about cutting rates".
Market movers
Irish builders merchant CRH rallied in London after saying it made a solid start to 2024 in the seasonally least significant quarter, with revenues rising on the back of positive pricing, early-season activity and favourable weather in key markets.
Swedish medtech group Getinge dropped 10% after the US Food and Drug Administration urged healthcare providers not to use some of its heart devices amid concerns they still pose a risk to users despite a previous recall.
UK property portal Rightmove fell despite reiterating annual revenue and profit guidance and upgrading customer growth expectations after a strong start to the year. The company did however say that average revenue per advertiser would be lower than previously thought.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.