European stocks rally after U.S. consumer confidence beat estimates

European stocks closed on positive territories Friday, ending the fourth consecutive weekly gain, taking cue from U.S. data which showed U.S. consumer confidence surged above analysts’ estimates.

In the U.S., the Thomson Reuters/University of Michigan preliminary index of consumer sentiment rose to 83.7 in May from 76.4 in April, a report today showed. The median forecast had called for a gain to 77.9. The forecasts ranged from 74 to 82.5.

A separate release showed that an index of U.S. leading indicators climbed 0.6 percent in April. That exceeded the 0.2 percent median estimate.

European carmakers, which have rallied 21 percent in the past four weeks, were the best-performing industry group on the Stoxx 600. PSA Peugeot Citroen and Renault SA jumped 10 percent to 7.14 euros and 3.6 percent to 61.29 euros, respectively, after a report showed car sales increased 1.8 percent in April. Registrations rebounded in Germany and Spain.

STOXX 600 ended higher today by 0.24% at 308.72; STOXX 50 ended also in green, higher by 0.40% at 2817.99.

CAC 40 Index  

The French benchmark index ended in the green today to settle at 4001.27, higher by 22.20 points or 0.56%. The index opened at 3969.82 recording a high of 4018.84 and a low of 3962.31. Within the index, 24 shares ended higher and 15 declined and 1 share unchanged.

The best performers in terms of added value to the index were led by Gemalto NV which inclined 4.78% to settle at €63.29. Following was Cie Generale des Establissements Michelen which surged 3.04% to settle at €71.09, while coming in third was Renault SA which rose 2.10% to close at €61.29.

As for the worst performing shares, they were 0000 as it fell 00% to end at €00; 0000 as it shed 00% to settle at €00 and 0000 which declined 00% to settle at €00.

DAX Index  

German equities advanced today where the benchmark index DAX 30 ended higher by 28.13 points or 0.34% to close at 8398.00. The index opened at 8356.26 recording a high of 8408.62 and a low of 8327.47. Within the index, 12 ended higher and 18 ended lower.  

Driving the index higher by contributing the most to the index today were led by Lanxess AG that gained 6.64% to €57.21; following was by Commerzbank AG as it added 4.09% to €7.81 and Daimler AG which added 3.85% to €49.00.

FTSE 100 Index  

The British benchmark index ended the day higher to settle at 6723.06 with a gain of 35.26 points or 0.53%. The index opened the day at 6687.80 setting the high of 6726.90 and the low of 6669.93. Among the listed shares, 60 ended higher and 38 declined and 3 were unchanged.

Leading shares in terms of contribution today started with Royal Bank of Scotland PLC which surged 5.65% to close at £336.80; following was Resolution Ltd which added 3.99% to end trading at £296.80 and Lloyds Banking Group PLC which added 3.17% to close at £62.84.