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A balcony above the Euronext trading floor in Paris, France, Monday, March 13, 2023.
Nathan Lane | Bloomberg | Getty Images
LONDON — European stocks closed higher on Friday, capping a positive week for global equities.
Pan-European STOXX 600 The index closed up 0.31%, bringing its weekly gain to 2.4%. Auto stocks were the biggest gainers, up 1.06%, while oil and gas stocks fell 0.15%.
Stoxx 600 and Wall Street S&P 500 It is still below the level at the beginning of the month, but a steady rise this week has recovered the losses caused by the recent plunge.
In data released on Friday, UK retail sales rebounded to rise 0.5% in July from a 0.9% drop in June, in line with expectations in a Reuters poll. Sales volume rose 1.1% in the three months to July.
Alex Kerr, UK economist at Capital Economics, said in a note on Friday that the rise in retail sales was not widespread, with sectors such as food, clothing and home furnishings struggling.
“We continue to believe that rising real incomes, coupled with falling inflation, mean that consumer spending growth will accelerate over the remainder of the year,” Cole said.
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