Market Overview

European stocks on longest weekly winning streak in a year

European stocks were subdued on Friday, but on course for their longest weekly winning streak in more than a year as hopes of a rapid recovery in economic growth offset doubts over the euro zone’s COVID-19 vaccination programme. The pan-European STOXX 600 index inched down 0.1% after hitting an all-time high at the open, while UK’s blue-chip FTSE 100 and Germany’s DAX slipped about 0.1% and 0.2%, respectively.

London equities have outperformed this week, with the domestically focussed FTSE mid-cap index hitting a record high as Britain gradually emerges from a strict winter lockdown. Airline stocks including British Airways-owner IAG, easyJet and Wizz Air rose between 0.2% and 1.0%.

Travel company TUI fell 5.7% after saying it planned to offer convertible bonds worth 350 million euros to improve its liquidity position as the pandemic disrupts travel plans.

European stocks on longest weekly winning streak in a year, Reuters, Apr 9

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