Stocks – Europe
European stocks were little changed on Friday, after Germany’s first quarter gross domestic product (GDP) came in line with analysts’ forecasts and the German ifo business confidence fell more than predicted.
The European Euro Stoxx 50 fell 0.06% to 3,187.00 at the time of writing, while the German DAX edged 0.02% lower to 9,719.30. At the same time the French CAC 40 gained 0.5%, trading at 4,480.30 and the UK’s benchmark FTSE 100 slid 0.23% to 6,805.00.
Germany
A report from the Federal Statistical Office showed that the German economy grew by 0.8% in the first three months of the year, following the 0.4% growth seen in the final quarter last year.
Germany’s gross domestic product (GDP) climbed 2.5% in the first quarter on a yearly basis, rising from the 1.3% growth seen in the fourth quarter.
Meanwhile, Germany’s Ifo Business climate index came in at 110.4 points in May, dropping from the previous figure of 111.2 seen in the previous month, while analysts forecasted a drop to 110.9.
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Economic News
Standard & Poor’s upgraded Spain’s rating one level to BBB from BBB- and also raised its estimates for Spain’s average GDP growth rate for 2014-2016 to 1.6% from 1.2%.
Meanwhile, Greece’s credit rating was increased by one level by Fitch Ratings, raising the nation’s long term debt to B from B-.
In Italy, the nation’s retail sales edged 0.2% lower in March on a monthly basis, following the reading seen in February and slid 3.5% year-on-year basis, according to data from Italy’s statistical office.
Stocks – Asia
The Asian stock market saw gains on the last day of the trading week, with stocks in Japan boosted by the nation’s weaker yen.
Japan
The Japanese benchmark Nikkei 225rallied 0.87%, ending the session at 14,462.17, while Tokyo Topix index climbed 1.22% higher, closing at 1,182.99.
The nation’s yen fell 101.76 yen against the US dollar at the time of writing, boosting stocks higher. Japan’s electronics giants, Toshiba rose over 1.81%, while Sony dropped by more than 2.31%.
Mitsubishi Estate shares rose 3.70%, while the Japanese homebuilders, Sekisui House edged 3.64% higher.
China
Hong Kong’s Hang Seng index added 0.08% to 22,971.00 at the time of writing, while the mainland Chinese benchmark Shanghai Composite gained 0.66%, closing the session at 2,034.57.
The Chinese property developers, China Overseas and China Resources saw the most gains during the trading session in China, climbing 4.64% and 3.79% respectively.
The South Korean benchmark Kospi index ticked up 0.08%, closing at 2,017.17, while the Australian S&P/200 index rose 0.16%, ending the session at 5,488.90.
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