Market Updates
European Markets Extend Weekly Gains
Bridgette Randall
04 Nov, 2022
Frankfurt
European markets soared after investors focused on domestic earnings and shrugged off worries of rising rates, supply chain difficulties and looming recession.
The DAX index soared 3.1% to 13,528.64, the CAC-40 index advanced 3.5% to 6,459.83 and the FTSE 100 index increased 2.5% to 7,363.28.
For the week, the DAX index closed up 1.9%, the CAC-40 added 2.5% and the FTSE 100 index soared 4.3%.
The euro held steady at 99.29 U.S. cents and the British pound traded near $1.13.
Brent crude gained $3.40 to $98.14 and TTF natural gas rose 4.8% to 119.40 euros a MWh.
Energy and metals stocks led the gainers after crude oil prices jumped 4% and natural gas prices soared 6%.
Anglo America, Antofagasta, BHP Group and Rio Tinto led gainers and soared between 5% and 10%.
Societe Generale SA jumped as much as 5% after the French bank reported weaker third quarter profit on rising revenues despite the challenging economic environment.
Telefonica SA increased 3% to
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