EUROPEAN UNION (OBSERVATORY) – European stocks gained support on Friday in an upbeat outlook on world trade despite a fall in Wall Street after disappointing results dampened market gains earlier.
The STOCKY 600 index of European shares settled near a one-month high on Friday, up 0.1 percent.
The DAX, Germany’s most sensitive to trade and China, rose 0.2 percent after US President Donald Trump made remarks that he may be willing to avoid a Sino-US trade war and return to the Trans-Pacific Partnership Agreement.
European stocks gained for the third week in a row, the longest rally since January.
Investors began to ignore geopolitical concerns to focus instead on a season of corporate results expected to support equity markets.
But JPMorgan’s results were disappointing, leading US stocks down, putting pressure on European markets.
In general, industrial stocks and mining stocks topped the best performing sectors with support from metal prices, which rose this week after sanctions on Russian aluminum firm Rosal.
Investors have withdrawn $ 5.2 billion from European equity funds this week in the biggest exodus since July 2016, according to Merrill Lynch.
In Europe’s main bourses, Britain’s FTSE closed 0.09 percent higher, while France’s CAC rose 0.11 percent.