European Stock Market Rise as Dollar Resumes Slide

By Investors Hub

European stocks are mostly higher on Friday even as the dollar has resumed its slide despite President Donald Trump backing a strong currency.

While the French CAC 40 Index has jumped by 1 percent, the U.K.?s FTSE 100 Index is up by 0.4 percent and the German DAX Index is up by 0.2 percent.

In economic news, U.K. GDP grew 0.5 percent sequentially in the fourth quarter of 2017, faster than the 0.4 percent growth logged in the third quarter, official data showed. Economists had forecast growth of 0.4 percent.

French consumer confidence unexpectedly declined at the start of the year, while manufacturing confidence unexpectedly strengthened in January, separate reports showed.

French luxury products maker LVMH has rallied after it posted better-than-expected sales growth in the fourth quarter, benefiting from a steady recovery in Asian demand. Swedish telecom company Telia has also jumped after its fourth quarter earnings matched forecasts.

Meanwhile, Swiss specialty baker Aryzta has slumped on analysts’ downgrades after a profit warning. Givaudan shares have also fallen despite the perfume maker posting strong full-year results.

British online gambling operator GVC Holdings has dropped after it announced a provision of about 200 million euros in its 2017 accounts.