European stocks ended the week with strong gains as optimism boosted risk appetite across the world after a slew of US data, but focus now turns to a much-anticipated speech by US Federal Reserve Chairman Jerome Powell in Jackson Hole next week.
The pan-European STOXX 600 index rose 0.3 percent on Friday, hovering near a two-week high and posting its best weekly performance since May 6. It rose 2.4 percent on the week.
London’s FTSE 100 was the worst performer among its major European peers, falling 0.4 percent after UK retail sales rose 0.5 percent in July, in line with expectations.
The auto sector was the day’s biggest gainer, up 1.2 percent, helped by gains in Ferrari, up 3.1 percent, and Stellantis, up 1.9 percent despite a US shareholder lawsuit against the European-American company. Prosecutors said the company defrauded them by hiding rising inventory figures and other vulnerabilities.
US retail sales data on Thursday showed strength in consumer spending, easing fears of an impending recession in the world’s largest economy.
UBS shares rose 0.7 percent after the Swiss bank said it would liquidate a $2 billion real estate fund it acquired when it bought Credit Suisse.
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