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European Stocks Extend Gains as Car-Makers, Energy Equities Gain Traction

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European equity benchmarks were extending gains on Friday morning as energy companies and automobile manufacturers logged gains against a backdrop of mixed economic data.

In economic news, German wholesale prices rose by 2% year-on-year in January, according to fresh data published by Germany's federal statistics agency Destatis. In December 2017 and in November 2017 the annual rates of change were +1.8% and +3.3%, respectively.

Oil futures prices, meanwhile, were also higher, with West Texas Intermediate crude oil futures, the main US benchmark, up by 0.7% at $61.80 per barrel while Brent crude, the international benchmark, was also 0.7% higher at $64.80 per barrel.

In equities, property and investment development company Segro (SGRO.L) was leading the gainers on London's FTSE 100 Index, up by 5.4%, followed by financial services provider Standard Life (SLA.L), 2.4% higher and Micro Focus International (MCRO.L), a software and information technology business, trading 1.9% higher. Bottling company Coca Cola HBC (CCH.L) was up by 1.9%.

On Frankfurt's DAX, energy company RWE (RWE.DE) was 2.4% higher, E.on (EOAN.DE), an electric utility service provider, was up by 1.8% and telecommunications company Deutsche Telekom (DTE.DE) was 1.6% higher. Media company ProSiebenSat1 Media (PSM.DE) was up by 1.5%. And, on Paris' CAC-40, Renault (RNO.PA), an automobile manufacturer, was 2.8% higher, Engie (ENGI.PA), an electric utility company, was up by 2.1% and car-maker Peugeot (UG.PA) was up by 1.7%. Distilled beverages company Pernod Ricard (RI.PA) was 1.6% higher.

The pan-European Stoxx 600 Index was 0.82% higher, London's FTSE 100 Index was up by 0.63%, Frankfurt's DAX was 0.81% higher and Paris' CAC-40, up by 0.82% at the time of writing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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