Forexpros – European stocks rallied Friday, despite surprising weakness in U.S. economic data.
Near the close of European trade, the EURO STOXX 50 gained 0.65%, France’s CAC 40 added 0.54%, while Germany’s DAX advanced 0.33%. Meanwhile, in the U.K. the FTSE 100 traded higher by 0.45%.
Surprisingly negative economic news from the U.S. did little to stem the euro zone stock rally.
The Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped to 74.3 in March from 75.3 in February. Analysts were expecting a gain to 76.
More U.S. equity negative news surfaced as a gauge of industrial production was unchanged in February when economists projected a 0.4% bounce from January.
Insurers led the rally with Allianz climbing 2.2%, Swiss life adding 3.3% and Prudential trading higher by 1.7%.
Oil field service provider, Subsea 7 jumped 4.1% upon announcing a share buyback and beating fourth quarter sales estimates.
In bearish news, carmakers Porsche and Daimler gave back 2.9% and 1.7% after being downgraded at Sanford Bernstein.
In U.S. midsession trade, stocks are mixed with the Dow flat, the S&P 500 higher by 0.20% and the Nasdaq Composite down 0.06%.
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