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European stocks rise, headed for weekly gains

FXStreet (Córdoba) - European stocks advanced in early trade Friday, tracking Asian indexes gains, with volume subdued due to a public holiday in a number of European countries.

The Stoxx Europe 600 rose 0.41% at 332.40, heading for its biggest weekly increase since February. As for country-specific indexes Germany’s DAX 30 gained 0.35% while the France’s CAC 40 advanced 0.36%. The UK FTSE 100 was up 0.58%.

On the data front, the UK released the 2Q GDP, which showed the economy expanded at a 0.8% pace, as expected. On annual basis, the GDP grew 3.2%, beating forecast of 3.1%. Data was light in Europe as many countries celebrated the Assumption Day.

In the FX space, the US remains under pressure across the board, with the EUR/USD approaching once again to the 1.3400 area. Other majors were little changed, with the pound holding below 1.6700 even after supportive UK GDP data.

As for commodities, gold dropped 0.10% to $1,314 an ounce, while crude oil slid 0.14% to $95.45 a barrel.

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GBP/USD traded at 1.6680 before the UK data, and moved to 1.6698 right after the release.
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