Europe close: Shares finish week on slightly positive note

9th Aug 2024 19:01

(Sharecast News) - European shares held gains with the Stoxx 600 index nudging towards the 500 point mark at the end of a volatile week.

Sentiment was driven by a positive session on Wall Street overnight, as better-than-expected jobless claims eased worries about the US economy that sparked Monday's selloff.

The pan-regional Stoxx 600 index was up 0.57% at 499.19 with all major bourses higher.

Spain's Ibex 35 notched up the biggest gain, rising by 0.76% to 10,638.50.

In economic news, German inflation rose to 2.6% in July, according to official data published on Friday, confirming flash data.

Consumer prices in Europe's biggest economy, harmonised to compare with other European Union countries, had risen by 2.5% year-on-year in June.

In China, consumer price inflation accelerated more than expected in July, according to figures released on Friday by the National Bureau of Statistics.

The consumer price index ticked up to 0.5% year-on-year, from 0.2% in June, coming in ahead of consensus expectations of 0.3% growth. CPI was up 0.5% in July following a 0.2% decline a month earlier and versus expectations of 0.3% growth.

On the equities front, shares in LEG Immobilien jumped 5% as the German property company posted a smaller second-quarter loss than a year earlier after further writing down the value of its properties.