European stocks closed higher on Friday (January 13) near nine-month highs, supported by gains in healthcare and banking stocks. Including the release of glowing economic data from England.
The STOXX 600 index closed at 452.54 points, up 2.32 points or +0.52%.
The CAC-40 index, the French stock market, closed at 7,023.50 points, an increase of 47.82 points or +0.69%, the DAX index of the German stock market closed at 15,086.52 points, an increase of 28.22 points or +0.19% and the FTSE 100 Exchange index closed London stock at 7,844.07 points, up 50.03 points or +0.64%
The STOXX 600 Index is up 1.8% for the week. and it is an upward trend for the second week in a row
European stock markets were boosted by the release of data indicating that the British economy grew by 0.1% in November, allaying fears that the economy is heading for recession.
German data indicates that the economy was sluggish in the fourth quarter of 2022 and grew by 1.9% throughout 2022, indicating that the German economy may have just escaped the winter recession.
European stocks were also supported by data indicating slower inflation in the euro area and in the United States. This could give the European Central Bank and the Federal Reserve an opportunity to slow down their interest rate hikes.
However, European banking stocks were still up 0.8%.
Technology stocks and interest rate-sensitive retail stocks have gained 14% and 15% respectively so far this year. After a poor performance last year amid concerns about a slowing economy and rising interest rates,
Healthcare stocks boosted European stocks the most on Friday, with Novo Nordisk and Roche Holding gaining 2.5% and 10.% respectively.
