Europe closes mostly up as business activity recovers

Friday, 03. February 2023 17:30

European stock exchanges closed mostly higher on Friday, as investors were encouraged by data on the Eurozone's business activity, which rebounded for the first time since June, possibly indicating that the Old Continent could avoid a recession.

Earnings announcements will dominate trading next week as European banks including Credit Suisse, Societe Generale, and Credit Agricole get ready to deliver their fourth quarter financial reports.

The Euro Stoxx 50 gained 0.40%, with EssilorLuxottica SA jumping 4.63%. London's FTSE 100 surged 1.04%, reaching its all-time high. Haleon Plc was its best performer, increasing by 3.47%. The CAC 40 rose 0.94%, as Publicis Groupe surged 5.99%. Meanwhile, Frankfurt's DAX flipped 0.21%, with Porsche AG going down by 3.13%.

The euro fell 0.59% against the American currency, to sell at $1.08499 at 5:25 pm CET. In addition, the pound sterling traded 1.19% lower versus the dollar, to sell at $1.20902.

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