European stock markets traded mostly higher on Friday, recovering from small losses seen the prior day, as investors welcomed upbeat German business-confidence data, showing improvements in all of its components, beating both previous estimates and October’s prints. So, current Assessment rose to 112.2, while Business Climate and Expectations, up to 109.3 and 106.3, respectively.
Separate report showed on an annual basis German GDP w.d.a. increased 1.1% in Q3, following a 0.5% rise registered the previous quarter. This result is in line with forecasts.
On a quarterly basis Q3 GDP s.a. edged up 0.3%, following 0.7% growth in Q2, as expected.
Germany’s DAX 30 index rose 0.1% to 9,207.43.
The Stoxx Europe 600 index climbed 0.3% to 323.29, bringing the benchmark out of negative territory for the week and setting it on track for a 0.1% weekly advance.
France’s CAC 40 index added 0.5% to 4,274.08.
Shares of Novartis AG added 2.4% after the Swiss drug maker announced a $5 billion share buyback to start immediately.
Whitbread PLC gained 3.4% after J.P. Morgan Cazenove lifted the coffee shop and restaurant operator to overweight from neutral on the back of “recent strong U.K. macro trends.”
Shares of Suedzucker AG lost 2.7% after HSBC cut the sugar producer to neutral from overweight. On Thursday, the firm, tumbled 9.2% after cutting its fiscal-year earnings outlook as sugar production has turned out weaker than expected.
The U.K.’s FTSE 100 index fell 0.1% to 6,674.14, setting it on track for a 0.3% weekly decline.
Shares of TUI Travel led losers in London, down 5% to 3.70 pounds, on reports Norwegian shipping magnate John Fredriksen sold his entire 5.4% stake in the travel agent at £3.66 a share.
Mining firms were also on the decline, even as most metals prices pushed higher. Shares of Anglo American PLC lost 1.9%, BHP Billiton PLC gave up 1.6%, Rio Tinto PLC dropped 1.4% and Glencore Xstrata PLC erased 1.3%.
Most banks dropped with shares of HSBC Holdings PLC down 0.9%, Lloyds Banking Group PLC off 0.5% and Barclays PLC 0.4% lower. Banks in Europe rose on Thursday after Goldman Sachs lifted the European banking sector to overweight from neutral.
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