Europe stocks in light rebound after poor US data

GMT 09:06 2014 Friday ,27 June

Arab Today, arab today Europe stocks in light rebound after poor US data

Europe stocks
London - AFP

Europe's main stock markets recovered slightly on Friday as traders focused on regional growth data, a day after the release of poorly received US numbers.
London's benchmark FTSE 100 index of top companies rose 0.19 percent to stand at 6,747,75 points around midday in the British capital.
Frankfurt's DAX 30 climbed 0.11 percent to 9,815.25 points and the CAC 40 in Paris grew by 0.22 percent in value to 4,449.24 compared with Thursday's closing values.
European equities had fallen on Thursday, weighed down by disappointing consumer spending data and a warning of future interest rate rises in the United States, traders said.
In Friday deals, the euro edged up to $1.3612 from $1.3609 late in New York on Thursday.
Over the week, European stock markets have "performed poorly, weighed down by concerns about the wider economy, as well as geopolitical tensions", noted Michael Hewson, chief market analyst at trading group CMC Markets UK.
The French economy stagnated in the first quarter and investment continued to decline but purchasing power saw a bump, the state statistics agency said on Friday.
Confirming an earlier estimate, INSEE said the French economy saw zero growth in the first quarter, with paltry 0.7 percent growth expected for the whole of 2014.
Across the Channel, Britain's economy grew by 0.8 percent in the first quarter of 2014 compared with output in the final three months of last year, unrevised official data showed.
Gross domestic product was 3.0-percent higher in the January-March quarter compared with the first three months of 2013, revised down from the previous official estimate of 3.1 percent, the Office for National Statistics said in a statement.
In foreign exchange, the British pound nudged up to $1.7025 from $1.7024 on Thursday. The euro stood at 79.95 British pence compared with 79.94 pence the previous day.
On the London Bullion Market, the price of gold increased to $1,315.25 an ounce from $1,311.75 on Thursday.
Asian stock markets closed mostly lower on Friday following losses on Wall Street fuelled by anaemic US consumer spending, while the dollar and euro extended losses against the yen.
Investors were taking a breather ahead of the release next week of key economic data, including on global manufacturing activity, US jobs and Japanese business confidence.
In New York, the three main indexes ended lower on Thursday after the government released figures showing consumer spending, which accounts for more than two-thirds of US economic activity, rose just 0.2 percent in May after a flat April.
The figures came a day after news that the economy shrank a lot more than first thought in January-March, leading to worries that a recovery is still fragile.
The Dow eased 0.13 percent and the S&P 500 dipped 0.12 percent, having both touched record highs at the end of last week. The Nasdaq was flat.

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