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European equities conclude in positive territory for the fifth consecutive week
On Friday, European stock indices fluctuated at the beginning of the trading session. It feels like they might conclude the fifth consecutive week in positive territory due to encouraging reports of Spanish banks as well as the restoration of equities in the technology sector.
The Pan-European index STOXX 600 sank by about 0.1%, although getting ready to demonstrate the longest period of weekly jumps since September of the previous year. Additionally, the German DAX index along with the British FTSE 100 rose up to 0.5%.
This week market participants were focused on the reporting of banks. As a matter of fact, the shares of Spanish BBVA and Caixabank rallied accordingly by 2.3% and 0.1%, after both financial instructions reported higher than anticipated earnings due to good performance in foreign markets.
British RBS dived by approximately 1.8% after the publication of financial outcomes for the first quarter.
RBS shares turned to be among the leaders of the components of the European banking index that edged down by 0.5%.
As for the shares of the industrial sector, they demonstrated upbeat dynamics. So, St Gobain stocks added about 3%, right after the French building materials producer officially confirmed the financial forecast for this year.
At the same time, Electrolux securities suffered the largest losses among STOXX components, having decreased by approximately 11.5%. In addition to this, the Swedish home appliance manufacturer posted a sudden sag in its quarterly operating revenue and warned that the rise in raw material prices could be more serious than previously estimated, affecting the results this year.
Market support is ensured, in particular, by shares in the technology sector, which proceeded with reviving after the enthusiastic reporting of the technological giant Facebook as well as US chip manufacturers.
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Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.