London, Frankfurt stocks hit new records as UK exits recession
Both the London and Frankfurt stock exchanges reached new heights upon opening on Friday, following positive data indicating the UK's first quarter emergence from recession. The FTSE 100 index in London climbed 0.5 percent to 8,426.95 points, while Frankfurt's DAX saw a similar increase to 18,773.30 points in early trading before slightly reducing some gains.
- Economy
- AFP
- Published Date: 10:44 | 10 May 2024
- Modified Date: 10:44 | 10 May 2024
The London and Frankfurt stock exchanges hit new records at the open Friday as data showed the UK emerged from recession in the first quarter.
The British capital's FTSE 100 index advanced 0.5 percent to 8,426.95 points.
Frankfurt's DAX also rose about 0.5 percent to 18,773.30 points in early deals before slightly paring down some gains.
Both exchanges had jumped to record peaks on Thursday after the Bank of England maintained its interest rate at a 16-year high but signalled that cuts were on their way.
Official data on Friday showed the UK economy grew by a stronger-than-expected 0.6 percent in the first quarter following two successive quarters of contraction.
The Paris CAC 40 of blue-chip stocks was also higher, gaining 0.4 percent to 8,218.64 points.
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