World Markets

European Markets Recovered Some Lost Ground

(RTTNews.com) - The European markets ended Friday's session with a substantial increase. The markets recovered some of their recent losses after markets on Wall Street rebounded sharply on Thursday after an initial setback. The rebound in crude oil prices also provided a boost to investor sentiment.

However, traders remain concerned about global economic growth, the impact of partial government shutdown in the U.S., uncertainty about U.S-China trade deal and Brexit as the end of the year approaches.

The pan-European Stoxx Europe 600 index advanced 1.96 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 1.67 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 2.18 percent.

The DAX of Germany climbed 1.71 percent and the CAC of France rose 1.74 percent. The FTSE 100 of the U.K. gained 2.27 percent and the SMI of Switzerland finished higher by 2.85 percent.

In Frankfurt, Deutsche Telekom climbed 1.58 percent. Christian Illek, previously CHRO of the company, will take over the position of Chief Financial Officer effective on January 1.

In Paris, Vinci gained 1.87 percent after it acquired a majority stake in Gatwick Airport.

Germany's consumer price inflation slowed sharply in December to its lowest level in eight months, figures from the Federal Statistical Office showed on Friday. The consumer price index rose 1.7 percent year-on-year following a 2.3 percent increase in November. Economists had forecast an inflation rate of 1.9 percent.

Growth in Chicago-area business activity pulled back in December after accelerating sharply in November, according to a report released by MNI Indicators on Friday, although the pace of growth slowed by much less than anticipated.

MNI Indicators said its Chicago business barometer dipped to 65.4 in December after spiking to 66.4 in November, with a reading above 50 still indicating growth in regional business activity. Economists had expected the barometer to drop to 62.0.

With decreases in the South and Midwest more than offsetting increases in the Northeast and West, the National Association of Realtors released a report on Friday showing a continued drop in pending home sales in the month of November.

NAR said its pending home sales index fell by 0.7 percent to 101.4 in November after plunging by 2.6 percent to 102.1 in October. The continued decline in pending home sales matched economist estimates.

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