European Stocks Close Higher On Encouraging Economic Data

European stocks closed higher on Friday, with several markets, including France, posting multi-year, or all-time highs, on fairly encouraging economic data.

Data showing a jump in French consumer confidence in January, and signs of cooling inflation in the euro area contributed to the firm undertone in European markets. U.S. consumer price inflation data helped as well.

The pan European Stoxx 600 climbed 1.11%. The U.K.’s FTSE 100 climbed 1.4%. Germany’s DAX gained 0.32%, and France’s CAC 40 surged 2.28% to a record closing high, while Switzerland’s SMI ended 1.62% up.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Netherlands, Norway, Poland, Russia, Spain, Sweden and Turkiye closed higher.

Portugal ended weak, while Iceland settled flat.

In the UK market, Diageo surged more than 5%, cheered by impressive sales report from French luxury goods company LVMH.

Croda International, Burberry Group, Vodafone, St. James’s Place, Rentokil Initial, Spirax-Sarco Engineering and Beazley gained 3 to 5%.

United Utilities, Barclays Group, Natwest Group, Prudential, Flutter Entertainment, Unilever, RS Group, Standard Chartered, HSBC Holdings, Hikma Pharmaceuticals, Reckitt Benckiser, ICH, Mondia, Severn Trent, Phoneix Holdings and Rightmove gained 2 to 3%.

Centrica dropped more than 3%. J Sainsbury ended down 2.7%, while SSE, Tesco, Marks & Spencer and BAE Systems lost 1.3 to 2%.

In the German market, Sartorius jumped more than 9% and Merck rallied 5.3%. Porsche and Zalando both gained nearly 3.5%. Covestro, Mercedes-Benz, Symrise, Commerzbank, Siemens Energy, Fresenius, Brenntag, Adidas and Fresenius Medical Care advanced 1 to 3%.

RWE tumbled nearly 7%. Bayer and Deutsche Boerse lost 1.3% and 1%, respectively.

In the French markt, LVMH soared nearly 13% after reporting a 10% jump in fourth-quarter sales, driven by strong demand, including from Chinese buyers.

Remy Cointreau zoomed more than 15% after the spirits maker posted a slightly…