European shares were mostly higher on Friday as banking stocks fell out of favour and despite the eurozone defying expectations that it would enter recession due to the Ukraine war and higher energy prices.
The benchmark Stoxx 600 index was up 0.56% to 466.24 with many major bourses higher alongside.
Spain’s Ibex 35 was one of the main exceptions, retreating by 0.79% to 9,241.0, dragged lower by losses in lenders’ shares including those of Unicaja, Banco Sabadell and Caixabank.
The Stoxx 600 sector gauge for banks gave back 1.36% to 149.26.
Data from the EU’s statistical agency Eurostat showed that growth in the single currency bloc stood at 0.1% in the first three months of 2023.
That was less than the 0.2% increase forecasts by economists, but chiefly due to a big drop in Ireland’s economic output, even if German growth also fell short of expectations.
In other equity news, shares in German media group ProSieben slumped after the company said it was slashing its dividend and replaced its chief financial officer.
Shares in UK bank NatWest were lower despite reporting forecast-busting first-quarter results and maintaining guidance.
Electrolux, Europe’s biggest home appliances maker, surged after reporting a smaller-than-expected operating loss for the first quarter, boosting hopes a turnaround in North America may be taking hold.
Mercedes-Benz edged ahead as the vehicle maker lifted its outlook for the annual adjusted return on sales of its vans division to 11%-13% from 9-11% previously.
CAC 40 – Risers
Saint Gobain (SGO) 52.42 +2.60%
Dassault Systemes (DSY) 36.67 +2.54%
Alstom (ALO) 22.74 +2.02%
TOTALENERGIES (TTE) 57.94 +1.88%
Michelin (ML) 28.83 +1.87%
Renault (RNO) 33.63 +1.79%
STELLANTIS NV (STLAP) 14.99 +1.67%
Vivendi (VIV) 9.95 +1.61%
Legrand SA (LR) 85.70 +1.32%
Airbus SE (AIR) 127.14 +1.27%
CAC 40 – Fallers
ENGIE (ENGI) 14.52 -5.79%
Pernod Ricard (RI) 209.40 -2.60%
Sanofi (SAN) 100.00 -1.79%
LVMH (MC) 871.00 -0.70%
Essilorluxottica (EL) 179.40 -0.43%
Hermes International (RMS) 1,966.80 -0.38%
BNP Paribas (BNP) 58.59 -0.26%
L’Oreal (OR) 432.75 -0.23%
Carrefour (CA) 18.86 -0.08%
Thales (HO) 138.40 -0.04%
