2024-02-23 18:59:00
© Reuters. An electronic screen displays the movement of the German DAX index on the Frankfurt Stock Exchange on Friday. Photo by Reuters
(Reuters) – European stocks closed on Friday at an unprecedented high for the second day in a row following gains for Standard Chartered shares in the wake of a strong business results report, but comments by European Central Bank President Christine Lagarde made investors cautious.
The European index rose four percent, recording gains for the fifth week in a row, with French and German stocks closing at unprecedented high levels.
The benchmark index advanced more than one percent during the week, and most of this increase was due to a jump in technology stocks based on strong expectations for the American chip maker NVIDIA.
Shares of chemical and automobile companies were among the biggest gainers on Friday, each rising 1 percent.
Banking shares rose 0.8 percent, supported by a 4.9 percent jump for Standard Chartered shares, with the British bank announcing a billion-dollar share buyback and rewarding shareholders with dividends following an 18 percent increase in 2023 profits.
In comments that dampened morale, Lagarde said on Friday that the relatively good wage growth data in the fourth quarter was encouraging but not enough to give the central bank confidence that it had defeated inflation.
German Federal Bank President Joachim Nagel said that the European Central Bank should resist the temptation to cut interest rates early, especially before the release of crucial wage data in the second quarter.
(Prepared by Muhammad Harfouche for the Arabic Bulletin – Edited by Mahmoud Salama)
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