Strong open puts European shares on course for weekly gains
2022.04.08 10:56
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 5, 2022. REUTERS/Staff
(Reuters) – European shares jumped 1.2% in early trade on Friday, erasing losses for the week, while investors look to the first round of French presidential elections over the weekend with incumbent Emmanuel Macron’s win no longer a foregone conclusion.
Financials and auto stocks led gains with all major sectors in positive territory. The pan-European STOXX 600 index, which was down on the week until Thursday’s close, is now set to end at about 0.4% higher.
Topping the index was Banco BPM’s 10.7% surge, after French bank Credit Agricole (OTC:CRARY) said it has bought a 9.2% stake in Italy’s third-largest bank.
In Sunday’s first round presidential election vote in France, centre-left Macron is seen winning, but far-right rival Marine Le Pen has surged in polls in recent weeks, leaving her victory within the margins of error.
France’s CAC 40 index rose 1.4%, but is down more than 2% this week – the most among European peers – on election uncertainty.
