European shares were in positive territory for a third straight session Friday, as overnight gains helped boost European investor sentiment. The gains come as the equities rally of 2017 appears to be continuing into 2018.
By 1250 BST, the EUROSTOXX 600 was 0.63% higher, while the EUROSTOXX 50 gained 0.87%. The German DAX was up 1.04%, the French CAC rose 0.75% and the Spanish IBEX was 0.50% in the green. The Swiss SIX was also higher, although it had retreated from a record high earlier in the session.
Indices continue US and overnight advances
European investors were upbeat and continued the global rally that pushed US indices to record levels, Thursday. European stocks also continued to rise despite the weaker level of the US dollar and resulting euro strength.
The Dow Jones Industrial Average closed above 25,000 for the first time on record. Meanwhile the S&P 500 and Nasdaq Composite both, also hit record highs in the US.
That upbeat tone extended throughout the Friday Asian trading session, to remain intact when European markets opened Friday. That will likely result in the best trading week for European stock indices since May 2017.
Carmakers lead indices higher
Financials and car makers were leading gains across European indices Friday.
Volkswagen shares were trading 2.44% higher at €178.82 on news it would work with US firm Aurora on self-driving cars. Daimler shares rose 0.94% to €72.70, BMW shares gained 0.98% to €88.34, Peugeot shares jumped 3.98% to €18.04 while Renault shares were 2.15% in the green at €87.05.
Amid the positive tone among European investors Friday, there were still some stock fallers. A notable one was a 2.86% decline in Dialog Semiconductor shares to trade at €25.77.
The fall comes as one of its main customers, Apple, announced all its products were affected by the chip security flaws affecting most of the world’s tech.