Europe closes mostly higher on positive economic data

Friday, 21. May 2021 17:31

Major European equity markets closed the last trading session of the week mostly with gains as economic data reports sparked optimism. Consumer Confidence in May rose to pre-pandemic levels both in EA19 and EA27, while United Kingdom's retail sales beat estimates jumping by 42.2% in April year-on-year and expanding by 9.2% compared to the month prior.

Eurozone's business activity saw its fastest-growing face in 15 years in May with Flash PMI Composite Output Index reaching a 39-month high. However, Germany's Composite PMI figures came lower than expected and the Manufacturing Output Index declined. Meanwhile, ECB's President Christine Lagarde assured that the inflation rise is temporary and will go back to pre-pandemic levels in 2022.

The DAX closed with 0.44% higher, led by Continental AG rising by 2.41%. The FTSE 100 remained flat losing 0.03% with Kingfisher PLC dropping by 4.36% and the CAC 40 grew by 0.68% as Alstom gained 2.39%. The euro fell by 0.34% against the dollar, trading for $1.21859 at 5:32 pm CET, at the same time the British pound slid by 0.14% to sell for $1.41699.

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Breaking the News / LH