Economic news

Cautious ECB pushes European stocks higher

European stocks were on track for their best performance for the week in more than three months on Friday, after recent European Central Bank statement disappointed traders betting on an interest rate hike, pushing the euro lower and supporting the shares of exporters.

Photo: Reuters

The pan-European STOXX 600 index was steady, rising 1.9 percent for the week as the euro zone index .STOXXE advanced 0.1 percent to a three-week peak.

The export-oriented auto sector, which usually benefits from a weaker euro, jumped 0.8 percent, leading the rise in Europe.

Banks were among the worst performers, skidding 1.1 percent.

Shares in Rolls Royce jumped 11 percent after the company published details of its restructuring plan. The UK's Tesco surged 1.9 percent after the major retailer said a step to lower prices had underpinned its quarterly sales.

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