In European Equity Markets the pan-European Stoxx 600 closed 0.4% higher, with most sectors in positive territory. Telecoms stocks were the biggest gainers, rising over 2%. France’s Sopra Steria Group rose to the top of the European benchmark, after the information technology company raised its organic revenue target for 2019. Shares of the Paris-listed stock rose 16% on the news. Vodafone was also among the top gainers, after announcing plans to move its mobile mast operations in 10 European markets into a new company that could potentially be listed. Shares rose over 10%.
In Currency Markets the British pound weakened on Friday, weighed down by European Commission President Jean-Claude Juncker’s telling Britain’s new prime minister, Boris Johnson, that a deal agreed by his predecessor was the best and the only Brexit agreement. Juncker told Johnson on Thursday that the EU would analyse any ideas put forward by Britain, provided they were compatible with the withdrawal agreement. Sterling fell 0.4% to $1.2406, a fair way below its weekly high of $1.2522. The pound hit a 27-month low of $1.2382 last week.
In Commodities Markets oil prices steadied on Friday and were on track for a weekly increase as geopolitical tensions in the Middle East and concerns over the safety of oil transport in the Gulf countered slowing U.S. economic growth amid a U.S.-China trade war. Brent crude futures were up 9 cents at $63.48 per barrel, equivalent to a weekly rise of 1.6%. They fell 6% last week. U.S. West Texas Intermediate crude was 12 cents higher at $56.14 a barrel, a weekly gain of almost 1%. It fell 7.5% last week.
In US Equity Markets robust earnings from Google-owner Alphabet and Twitter took the S&P 500 and Nasdaq indexes close to record levels on Friday, with data showing the domestic economy slowed lesser than expected in the second quarter providing support. Alphabet Inc jumped 9.8% after its quarterly results beat estimates, easing investor concerns about growth challenges faced by its Google advertising business. The S&P 500was up 0.48%, at 3,018.06. The Nasdaq Composite added 0.84%, at 8,307.49.
In Bond Markets U.S. Treasuries were steady on Friday, after yields briefly rose on data showing that U.S. economic growth slowed less than expected in the second quarter. The data adds to recent evidence that the economy is improving even as global growth weakens. Benchmark 10-year Treasuries were last up 1/32 in price to yield 2.070%, down from 2.074% late on Thursday. The yields rose as high as 2.100% immediately after the GDP data.