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European stocks mostly rose on Friday


The UK's FTSE 100 gained 0.37% to hit a weekly high, Germany's DAX rose 0.12%, Italy's FTSE MIB rose 0.35%, and Spain's IBEX 35 climbed 0.23% to hit its highest level since June 17. At the same time, the French CAC 40 dropped 0.12%.

During the week, Stoxx Europe 600 gained 1.2%, FTSE 100 gained almost 2%, DAX gained 1%, CAC 40 gained 0.8%, FTSE MIB gained 1.2%, IBEX 35 gained 0.7%.

Germany's adidas AG, the world's second-largest sporting goods maker, jumped 6.4% on Friday, ranking among the top gainers among the Stoxx Europe 600 components after rival Nike Inc. American sports goods manufacturer Nike Inc. almost doubled its revenue in the fourth fiscal quarter, with the figure exceeding $ 12 billion for the first time in the company's 50-year history.

Puma SE, a German sporting goods maker, also gained 2%.

At the same time, quotes of the German postal and logistics company Deutsche Post AG fell 0.9% after the release of FedEx Corp. reports, which is considered a barometer of the situation in the American economy.

The leaders of the fall were the shares of the pharmaceutical company Vifor Pharma AG, which fell in price by 5.3%.

Consumer confidence in the German economy will rise in July amid the relaxation of restrictive measures imposed by the coronavirus pandemic, research firm GfK said Friday. The leading index of consumer confidence in Germany, calculated by GfK, rose to minus 0.3 points in July from the revised minus 6.9 points in June. This is the highest figure since August 2020. Economists had forecast the value of the indicator at minus 4 points.

On Friday, the US Department of Commerce released the May data on spending and income of the US population. Incomes of the US population in the past month decreased by 2% compared to the previous month. At the same time, the expenses of the Americans have not changed. Analysts, on average, had expected a 2.5% cut in revenues and a 0.4% rise in spending.

The consumer price index (PCE index) in May increased by 0.4% versus the previous month and by 3.9% in annual terms. The PCE Core Index, which excludes food and energy prices, increased by 0.5%, up 3.4%, respectively. The rise in the PCE Core index on an annualized basis was the highest since the early 1990s.

Traders are watching inflation closely, believing that faster consumer price growth, together with an improved labor market and overall economy, could force the Federal Reserve System (FRS) to start phasing out stimulus earlier than markets expected.

The Bank of England on Thursday warned that, given further strengthening of global price pressures, inflation in the UK could "surpass 3% for a while" towards the end of the year amid rising energy and commodity prices.

However, the British Central Bank retained the main parameters of monetary policy following the June meeting, saying that any acceleration in inflation is likely to be temporary.

The material has been provided by InstaForex Company -