adminLONDON. — European stock markets traded mixed last Friday and the euro retreated from seven-week highs against the US dollar as traders banked profits ahead of the weekend pause. London’s FTSE 100 index gained 0,26 percent to 6 546,46 points following strong British export data and approaching midday in the British capital.
Frankfurt’s DAX 30 fell 0,16 percent to 8 305,24 points and the CAC 40 index in Paris dipped 0,13 per cent to 4 059,15.
“Markets have hit a lull . . . (amid) holiday mode after a busy two weeks dominated by economic figures and news from all the major policy decision makers,” said Toby Morris, senior sales trader at CMC Markets, in reference to action being taken by global central banks.
Last Friday, the world’s second-biggest economy China reported industrial growth for July reached a five-month high.
Industrial production, which measures output at factories, workshops and mines, rose 9,7 percent year-on-year, well above analyst expectations.
Authorities also announced steady expansion in retail sales and fixed asset investment, and a benign inflation figure of 2,7 percent, unchanged on last month.
Analysts said the figures pointed to a more stable outlook for China’s economy — seen as a key driver of global growth — after months of mounting pessimism.
The data came as Britain’s biggest retailer, supermarket chain Tesco, said last Friday that it is in exclusive talks over combining its Chinese operations with those of China Resources Enterprise.
Tesco said the move was in line with the group’s strategy of seeking to profit from fast-growing economies, and comes as China seeks to balance export growth with domestic consumption.
Tesco — the world’s third-biggest supermarket group after French rival Carrefour and US retailer Wal-Mart in first place — said the proposed joint venture would create a business with annual sales of about STG10 billion.
Shares in Tesco rose 0,87 per cent to stand at 372,3 pence in London morning deals.
Shares in Dutch telecom group KPN leapt by 18 percent in response to a bid for full control by Mexican group America Movil.
Asian stock markets closed out the week mixed, while on Wall Street overnight US stocks snapped a three-day losing streak. — Agencies.
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