European Markets Rise As Investors Evaluate Data

European markets rallied on Friday, aiming to end their tenth straight positive session as investors gauged global economic data and the rise in Covid-19 cases.

 

Asia-Pacific stocks fell in trading on Friday, with South Korea's Kospi leading major markets as the stocks are tied. The Samsung conglomerate fell after the release of the company's heir from prison.

 

In the United States, stock futures have not changed much in the premarket after the S&P 500 climbed to a new all-time high on Thursday and US investors digest the economic uncertainty.

 

Weekly jobless claims were in line with expectations - 375,000, which was the third consecutive decline, while producer prices in July rose by 0.9% against the forecast of 0.5%, which casts doubt on reaching a peak in inflation.

 

Overnight cumulative performance of MSCI global equity markets reached a new all-time high.

 

“The markets may be more focused on the state of affairs with regard to Covid right now, in particular the proliferation of the Delta variant,” Xian Chang, chief investment officer of wealth management at HSBC, said in a memo.

 

“But no matter where you look, the general consensus (and hope) is that the widespread success of vaccination programs will allow the recovery story to continue into the second half of this year.”

 

In Europe, Adidas sold Reebok for up to $ 2.5 billion to Authentic Brands as the German sportswear giant decided to focus on its central brand. Adidas shares up 2.6% on Friday.

 

Ipsen shares fell more than 11% to the bottom of the Stoxx 600 after a French pharmaceutical company withdrew a US drug application.

 

At the top of the European blue-chip index, Vestas Wind Systems rallied 3.8%.