LONDON: Europe’s stock markets opened on the front foot on Thursday after gains elsewhere, despite news that the UK economy has entered an official recession.
London’s benchmark FTSE 100 index of major companies rose 0.6 percent to 7,610.62 points.
In the eurozone, the Paris CAC 40 index added 0.8 percent to 7,741.43 points and Frankfurt’s DAX increased 0.7 percent to stand at 17,057.87.
Britain slid into recession at the end of last year on elevated inflation and a cost-of-living crisis, official data showed, dealing a blow to Prime Minister Rishi Sunak before this year’s election.
European stocks mostly rise as earnings give way to data
UK gross domestic product shrank 0.3 percent in the fourth quarter of 2023 after contracting 0.1 percent in the prior three months. That places the economy in recession, which is defined as two successive quarters of falling GDP.
Most Asian stock markets rose Thursday, tracking a Wall Street rebound after positive remarks from a senior Federal Reserve official that inflation was headed in the right direction.
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