European stocks lock in weekly gains as euro weakens

Friday, 27 April 2018 23:11 WIB

Indeks Stoxx Europe 600Saham EropaStoxx Europe 600


German and U.K. stocks led advances in European equity trade Friday, amid weakness in the euro and the pound against the dollar. For the week, the pan-Europe benchmark posted a gain amid a raft of corporate quarterly results.

Germany's DAX 30 index rose 0.6% to close at 12,580.87, while the U.K.' FTSE 100 added 1.1% to 7,502.21.

France's CAC 40 index tacked on 0.5% to reach 5,483.19.

The Stoxx Europe 600 index gained 0.2% to 384.65, rising 0.7% for the week. That marked a fifth straight winning week.

The euro dropped to $1.2082, from $1.2104 late Thursday in New York. The euro fell below $1.22 on Thursday after the European Central Bank held benchmark interest rates steady as expected.

The pound fell to a more than seven-week low at $1.3786 after a disappointing reading on U.K. economic growth, down from $1.3915 late Thursday in New York.

German and U.K. equities marched higher as the euro and the pound fell. Their stock benchmarks are heavily weighted with exporters and multinational companies, and currency weakness can bolster earnings and revenue for those companies.

Source: Marketwatch


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