Ammon – European stocks stabilized at the beginning of Friday’s trading session, but are heading to record a fifth week of gains, while investors await more economic data from the single European currency area, as well as more corporate results.
Investors are looking forward to the Standard & Poor’s Global Purchasing Managers’ Index for manufacturing and services for the month of April, in order to assess the economic strength of the eurozone, as well as anticipating statements by policy makers in the European Central Bank.
The European Stoxx 600 index rose 0.1 percent, hovering near its highest level in 14 months, and auto stocks rose 1 percent, to partially compensate for the losses of the previous session.
Mining stocks were the biggest losers on the index, down 1.8 percent.
In Thursday’s session, the stocks of the auto sector declined strongly in general, after Tesla’s stock in the US market led the sector’s losses, with a decline of 9.75 percent, which is the largest decline in the stock since the beginning of the year, due to weaker-than-expected results in the first quarter of 2023.
Luxury eyewear company Esilor Luxottica jumped 5.2 percent after it reported a rise in first-quarter revenue, supported by a China-led growth recovery.
Mercedes-Benz Group also jumped 2.1 percent, after recording higher-than-expected adjusted revenue from first-quarter sales of 14.8 percent, supported by higher prices and strong demand.