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Positive economic data helps European stocks stop the 3-day series of losses
European stocks rose on Friday after positive industrial production data from Italy and France boosted hopes for an economic recovery, but an increase in the frequency of infection with the Corona virus globally put an end to the gains.
The pan-European STOXX 600 index closed 0.9 percent higher, halting a three-day losing streak, led by Italy shares that jumped 1.3 percent.
Stocks on the Milan Stock Exchange were boosted by Italy's 42.1 percent increase in production in May compared to the previous month, roughly twice what economists had expected, while the economy minister expects further gains in June and July.
The French CAC 40 index rose for the first time in four glaciers, as production in French factories, mines and water treatment plants jumped at an unprecedented rate of 19.6 percent.
On a weekly basis, Stoxx 600 did not climb to just 0.4 percent, as it was affected by fears of further business closings, especially in the United States, where the country recorded the largest daily increase in cases of Covid-19 globally for the second day in a row on Thursday.
Banking, auto, food and beverage stocks were among the biggest gainers of the day.
