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Global equities rally, pushing London and Frankfurt to new records
Global equities rallied on Friday as traders digested corporate results and prepared for US President-elect Donald Trump's inauguration next week, pushing London's benchmark FTSE 100 and Frankfurt's DAX 40 index to new all-time highs.
All three major indices on Wall Street closed higher, with the Nasdaq Composite propelled by a rise in tech stocks.
"The sentiment in the market has changed dramatically," Steve Sosnick from Interactive Brokers told AFP, noting the rally had been "very broad-based."
He added that there seemed to be "a bit of enthusiasm" that Trump's likely economic policies would be good for the financial markets.
Trump is due to be sworn in as US president on Monday.
- Buoyant markets -
The UK's index of blue-chip companies jumped to 8,533.43 points, surpassing an intra-day record achieved in May last year.
"After years of trying, and failing, to play catch up (with peers), the FTSE 100 appears to have finally caught the ball of investor enthusiasm," noted Susannah Streeter, head of money and markets at Hargreaves Lansdown.
"Although fresh volatility is expected on global markets after President Trump returns to the White House, there may be more appetite to shelter in the resilience of the UK market," she added.
In Frankfurt, the DAX struck 20,924.50, besting a peak set just last month.
Chinese markets also closed higher Friday after fresh data showed the country's economy grew slightly quicker than expected last year.
The five-percent expansion was in line with the government's target but the weakest since 1990 -- excluding the pandemic years -- as leaders fought to address weak consumption and a real estate debt crisis.
A surge in the final quarter was helped by a string of stimulus measures and a boost in retail sales.
"Amid a relentless barrage of economic pessimism, China's economy defied expectations with a robust five-percent growth last year, nailing the government's ambitious target," said independent analyst Stephen Innes.
"Although slightly outpacing analyst forecasts, this growth fell just shy of the 5.2 percent expansion seen in 2023, painting a picture of an economy with both promising highs and undeniable challenges," Innes added.
- UK concerns -
In London, stocks have been boosted in recent days by a drop in UK government bond yields after a spike in state borrowing costs last week sent the pound tumbling.
Sterling was lower Friday, reflecting ongoing strains for the British economy, which is struggling to grow despite falling inflation.
Official data Friday revealed a surprise drop in UK retail sales in December.
The FTSE 100 contains numerous multinationals whose revenues are largely earned in dollars, enabling them to profit from a falling pound.
London and its European peers -- along with Wall Street -- have won support this week also as traders forecast more interest-rate cuts this year from major central banks.
Indices have also rallied thanks to some positive company earnings and easing geopolitical concerns.
- Key figures around 2145 GMT -
New York - Dow: UP 0.8 percent at 43,487.83 points (close)
New York - S&P 500: UP 1.0 percent at 5,996.66 (close)
New York - Nasdaq Composite: UP 1.5 percent at 19,630.20 (close)
London - FTSE 100: UP 1.4 percent at 8,505.22 (close)
Paris - CAC 40: UP 1.0 percent at 7,709.75 (close)
Frankfurt - DAX: UP 1.2 percent at 20,903.39 (close)
Tokyo - Nikkei 225: DOWN 0.3 percent at 38,451.46 (close)
Hong Kong - Hang Seng Index: UP 0.3 percent at 19,584.06 (close)
Shanghai - Composite: UP 0.2 percent at 3,241.82 (close)
Euro/dollar: DOWN at $1.0272 from $1.0306 on Thursday
Pound/dollar: DOWN at $1.2168 from $1.2237
Dollar/yen: UP at 156.20 yen from 155.17 yen
Euro/pound: UP at 84.41 pence from 84.18 pence
Brent North Sea Crude: DOWN 0.6 percent at $80.79 per barrel
West Texas Intermediate: DOWN 1.0 percent at $77.88 per barrel
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A.Ruiz--AT