European shares ended positively, with the STOXX 600 index logging its fourth consecutive weekly rise. The rally was driven by declining government bond yields and encouraging economic data from China.
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European shares rose nearly 1% on Thursday, with luxury stocks boosted by Richemont's upbeat earnings update and semiconductor firms making gains after TSMC reported record quarterly profit.
Luxury sector bellwether Richemont jumped 16% after reporting a better-than-expected 10% increase in fiscal third-quarter sales, while France's LVMH, Kering and Christian Dior all rising. Retailers Moncler, Burberry, Swatch and Hermes also crowded around the top of the Stoxx index.
European stocks extended gains on Friday, after having hit their highest level in a month the previous day on the back of strong
Markets extended a global rally Thursday after below-forecast US inflation provided a much-needed shot of relief to investors and revived hopes for interest rate cuts this year.
Rival LVMH jumped 7.8%, while a gauge of European luxury firms advanced 6.8%, set for its best day since 2022. The tech index, which houses the bulk of European chipmakers, advanced 1.4% after TSMC , the world's largest contract chipmaker, logged a record quarterly profit and said it expects hefty first-quarter revenue growth.
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British money transfer group CAB Payments said it would cut about 20% of its jobs as it aims to slash costs, and invest in artificial intelligence and automation amid weak trading and higher national insurance contributions by employers.
Stocks rose on Thursday and the dollar softened as easing core U.S. inflation kept potential rate cuts by the Federal Reserve on the table, while the yen hit a one-month high on growing expectations the Bank of Japan could raise rates next week.
European bourses tracked moderately higher midday Thursday after a strong sales report from a major luxury-goods house, and strong earnings release overnight from industry bellwether Taiwan Semiconductor Manufacturing.