European Stocks Trade Strong on Friday
European markets closed strong on Friday as technology and financial services stocks helped market sentiment. European stocks traded lower earlier during the week due to political crisis in Spain due to Catalonia referendum. Stronger earnings announced by Volvo and Ericsson helped automobile and technology stocks on Friday. Ericsson reported strong results and company issued positive guidance for next quarter. The stock closed 8 percent higher.
Swedish automobile major Volvo touched record high after the company declared better-than-expected results. The stock closed 7 percent higher compared to its close on Thursday. As per market estimates, the earnings season could remain strong for majority of European companies. The estimates suggest an average 4.5 percent growth compared to same quarter last year.
Keeping pace with the U.S. markets, European indices are also hovering around their all-time highs. Banking and technology stocks have witnessed strong rally in the recent months. As the U. S. Senate passed the tax bill, investors and market analysts are confident that U.S. businesses will report stronger earnings.
City Index’s analyst Ken Odeluga said, “Maybe with tax cuts now coming back onto the path in terms of possibly coming into being, that’s an additional boost and should actually underpin markets going into the end of the year.”
European economic indicators suggest strong recovery in majority of European Union member states. The positive outlook for year 2017 and 2018 has offered boost to investor sentiment.
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