European equity markets traded higher on Friday as investors assessed rising oil prices and awaited the latest U.S. employment report for further signals on the Federal Reserve’s next interest rate decision.
Brent crude climbed toward $83 a barrel, extending Thursday’s rally as uncertainty persisted over negotiations aimed at fully reopening the Strait of Hormuz, a key shipping corridor for global oil exports.
German Factory Output Exceeds Expectations
Economic data showed Germany’s industrial production increased by 0.2% in June, following an upwardly revised 0.7% gain in May, according to Destatis. Economists had expected output to remain unchanged during the month.
In the UK, figures from Lloyds Banking Group showed house prices were unchanged in July after rising 0.2% in June, reflecting a housing market that continues to navigate a more uncertain economic environment.
Major European Indices Move Higher
Germany’s DAX rose around 1%, outperforming its regional peers.
The UK’s FTSE 100 gained approximately 0.8%, while France’s CAC 40 advanced 0.5%.
Earnings Drive Individual Stock Moves
Despite reporting stronger-than-expected second-quarter earnings, Munich Re (TG:MUV2) fell 2.8%.
Allianz also traded lower, declining around 1% after releasing its latest financial results.
Elsewhere, Daimler Truck Holding (TG:DTG) dropped 4.2% after announcing an 18% decline in second-quarter profit.
Specialty chemicals producer Lanxess (TG:LXS) was among the weakest performers, falling nearly 5% after reporting a larger-than-expected net loss for the second quarter.
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