European Stocks Strengthen Despite the UK Economy Decrease 9.9%

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London, – European Exchange closed higher in trading Friday (13/2/2021) as investors monitored economic data and Covid-19 vaccination.

The Pan-European Stoxx 600 ended the session up 0.6%. Media stocks added 1.5% and technology gained 1.3% as most sectors and major exchanges closed in positive territory. For the week, the Stoxx 600 closed up 1%.

Meanwhile, trade in Asia Pacific was partly closed due to the Lunar New Year holiday. In the United States, stocks fluctuated near record levels on Friday as Wall Street’s strong momentum to start February failed this week.

People walk past a screen showing the IBEX 35 stock market index of Spain’s principal stock exchange outside the Bank of Spain (Banco de Espana) in Madrid on June 7, 2019. (Photo by GABRIEL BOUYS / AFP)

Back in Europe, official data published Friday showed the UK economy slumped minus 9.9% in 2020, posting the biggest annual decline since modern record keeping began.

But in the last three months of 2020, the UK’s gross domestic product (GDP) increased by 1%, amid efforts by national lockdown measures to curb the spread of the Covid-19 infection.

Russia’s central bank held its key interest rate at a record low of 4.25% on Friday, following a recent spike in inflation that indicated easing monetary policy could be off the agenda.

Russia is also ready to cut ties with the European Union, according to an interview published on the Russian Foreign Ministry website Friday morning, following a series of escalating tensions with the bloc.

The issuer’s income continues to drive stock price movements. Danish hearing aid maker GN Store Nord rose 7.1% and Dutch bank ING Groep gained 6.7% after strong fourth-quarter earnings. German mass media company ProSiebenSat.1 also rose 6.4%.

Meanwhile Austrian power company Verbund fell 9% and Spanish renewable energy supplier EDP Renovaveis lost 7.5%.

Source: CNBC


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