European stocks were looking up this week, following a slowdown in US inflation in October.
The recent US inflation report surprised markets, with year-on-year inflation falling to 3.2% in October, down from 3.7% the month before and below analyst estimates of 3.3%.
The news led to European stocks rejoicing on the back of increased hopes that tightening monetary policy by major central banks may now come to an end.
The French CAC 40 index increased 2.20% this week, trading at €7,234.5 on Friday afternoon, with the UK’s FTSE 100 index also rising 0.40% to £7,484. The Stoxx 600 index inched up 2% over the week to €455.6 on Friday afternoon.
CAC 40 top weekly gainers
Semiconductor company STMicroelectronics rose 8.97% over the week, following the release of more products in its line of longer-lasting, easier to use and smaller Bluetooth devices.
Payment services company Worldline reversed the previous week’s trend to gain 8.43% this week, following the company launching Tap to Pay on iPhones for its French market.
ArcelorMittal inched up 8.26%, as the company recently announced that it would be venturing into the additive manufacturing technologies sector.
Manufacturing company Compagnie de Saint Gobain advanced 7.82%, after the company signed a multi-year deal with Alpiq for solar electricity supply.
Eurofins Scientific climbed 7.67%, on the back of the company taking over Labour 3 and further cementing its position in the food and feed market.
CAC 40 top weekly losers
French manufacturer Alstom dipped 6.68%, with shares continuing to struggle following the company announcing that about 1,300 jobs in Derby, UK were potentially at risk after a cash-flow scare.
Thales dropped 0.69%, with the company recently introducing AddUp 350 to its metal 3D printing enterprise in Morocco.
Carrefour inched lower 0.56%, following the supermarket giant announcing its return to Bulgaria after seven years, but this time through its Greek franchise, Retail and More.
TotalEnergies slid 0.39%, after environmental groups intensified their demands for a pause in funding the company’s Mozambique activities.
Orange slipped 0.29% as the company launched its new Orange Satellite, in partnership with Nordnet.
US 10-year Treasury bond yields dropped 4.36% this week, while the US dollar index also fell 1.72% in the same time.
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