Traders work in front of the DAX board at the stock exchange in Frankfurt. The DAX 30 gained 0.46% to close at 11,308.99 points yesterday.

AFP/London

Europe’s main stock markets ended the week higher yesterday, as investors digested economic data from around the world alongside more earnings updates.
London’s benchmark FTSE 100 index gained 0.41% to finish at 6,696.28 points.
In the eurozone, the CAC 40 in Paris climbed 0.72% to end the day at 5,082.61 points, while Frankfurt’s DAX 30 won 0.46% to close at 11,308.99 points.
The euro advanced to $1.1036 from $1.0931 late in New York on Thursday.
“The market has returned to fundamentals, notably to corporate results which have been generally positive. That should continue to be the case, especially if the three risks of China, Greece and the Fed continue to be less pressing,” said Fabrice Masson, shares manager at BFT Management in Paris.
Analysts were disappointed in the eurozone data yesterday. Inflation in the 19-nation eurozone was unchanged in July while the jobless rate for June was also flat, suggesting the economy maintained only modest growth, official data showed.
Analysts said the figures indicated there was no sign as yet that the European Central Bank’s unprecedented economic stimulus programme is beginning to have a real impact on the economy after years of tepid gains.
Positive US growth data was, however, helping to offset concerns about a looming interest rate rise from the Federal Reserve.
“Investors are digesting the earnings and some days you can get good and bad news,” said Jacques Porta, a fund manager at Ofi Gestion Privee in Paris, told Bloomberg News. “Overall the earnings season has been of a good quality. Some sectors are doing badly, such as commodity producers because the Chinese economy is weak, and the energy sector is declining.”
Confidence was given a shot in the arm by a report from the US Commerce Department on Thursday that said the world’s top economy expanded at an annual rate of 2.3% in the April-June period, the strongest growth since the third quarter of 2014.
US stocks were trading higher around mid-day in New York Friday amid a slew of corporate earnings reports.
ExxonMobil and Chevron profits slumped on falling crude oil prices, dragging down the Dow. The Dow Jones Industrial Average rose 0.08% to 17,780.41 points.
The broad-market S&P 500 edged up 0.18% to 2,112.39, while the tech-rich Nasdaq Composite Index gained 0.37% to 5,147.53.
As crude oil prices continued to fall, ExxonMobil and Chevron reported sharply lower earnings for the second quarter. Exxon profit halved from a year ago; Chevron’s profit plunged 90%. Shares sank 2.73 % and 3.44%, respectively.


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