European stocks rose on Friday, tracking an upbeat sentiment from Wall Street on hopes of a faster global economic recovery, while Frankfurt shares lagged after data showed a decline in industrial orders.
The STOXX 600 gained 0.4 and was set for its longest winning streak since late December. The index was also up 3.7 for the week, on track for its best weekly performance since November.
Markets around the world were higher on expectations of a large stimulus by U.S. President Joe Bidens administration, while a pause in the Redditdriven retail trading frenzy also helped lift investor sentiment.
Global markets are now revisiting a familiar script, with investors pushing broad asset classes higher on more signs pointing to the U.S. economic recovery, said Han Tan, market analyst at FXTM.
Germanys DAX index was flat after data showed orders for Germanmade goods fell more than expected in December, ending a sevenmonth streak of positive data as restrictions to contain the COVID19 pandemic dragged down demand from other euro zone countries.
Todays data shows that stricter lockdown measures since midDecember, as well as the Christmas break, have finally hit German industry … but at face value, this only looks like a temporary breather, strategists at ING wrote in a note.
Most European sector indexes were trading higher, with banks, travel and leisure and technology shares leading the advance, suggesting a riskon trading environment.
With the reporting season…