European equities wrapped up another week of gains on Friday, led by advances in travel stocks after a positive update from US drugmaker Pfizer Inc on its pill for COVID-19 and amid persistent optimism about earnings season.
The pan-European STOXX 600 closed 0.05 percent higher at 483.44, clocking 1.67 percent in weekly gains, its fifth consecutive week in the green.
European travel stocks jumped 1.4 percent as investors across the globe cheered Pfizer’s trial of an experimental antiviral pill for COVID-19. The news lifted shares of Swiss duty free retailer Dufry AG by 10.1 percent, to its best day since Nove. 9 last year, while also pushing down shares of AstraZeneca PLC.
“Today’s news out of the US that Pfizer has developed a COVID-19 pill, which is 89 percent effective in preventing hospitalization, may well be weighing on the AstraZeneca share price a touch, but it has pretty much turbo-charged the airlines and hospitality sector,” CMC Markets chief market analyst Michael Hewson said.
Dovish moves by the US Federal Reserve and the Bank of England, and similar comments from the European Central Bank chief have helped sentiment this week.
Data from the US Department of Labor showed employment increased more than expected in October as the headwinds from a surge in COVID-19 infections over the summer subsided, also supporting the day’s upbeat mood.
On Friday, France’s benchmark CAC 40 Index breached the 7,000 points barrier for the first time ever. It closed up 0.76 percent, gaining 3.08 percent on the week.
The blue-chip index was led by gains in Kering, Hermes International SA and L’Oreal SA.
Germany’s DAX reversed early declines to scale fresh peaks, rising 0.15 percent to 16,054.36, as investors shrugged off disappointing industrial output data in Europe’s biggest economy. It posted a weekly increase of 2.33 percent.
London’s FTSE 100 ended higher on Friday, led by banks and energy stocks. It rose 0.33 percent to 7,303.96, recording its highest close since February last year, with oil majors BP PLC and Royal Dutch Shell PLC up 1.7 percent and 1.5 percent, as crude prices extended gains for the second session.
The banking sector rose 1.1 percent, rebounding from its worst session in over a month in the prior session.
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