European markets close higher on auto gains, telecoms hit by SpaceX deal
European stock markets rose nearly 1% or more on Friday, led by automakers after a China-EU deal halved exports of some electric vehicles. Telecoms fell sharply after SpaceX agreed to buy a US low-band spectrum portfolio, sending Deutsche Telekom down nearly 8% and Vodafone over 4%.
European major stock markets closed nearly 1 per cent or higher on Friday, with automakers performing well while telecom stocks came under pressure.
Germany's DAX index stood at 25,087 points, up 280 points or 1.1 per cent. France's CAC index rose 73 points to 7,803, a gain of nearly 1 per cent. The UK's FTSE 100 index added 110 points to 10,552, a rise of nearly 1.1 per cent.
European auto stocks rose more than 1 per cent after the European Union and China reached an agreement to halve the number of hybrid and plug-in hybrid electric vehicles exported from China to the EU.
However, telecom stocks fell. SpaceX struck a deal to acquire a US nationwide low-band spectrum portfolio, sending Deutsche Telekom down nearly 8 per cent – its biggest single-day drop in more than three years – and Britain's Vodafone down more than 4 per cent.
For the full week, Germany's DAX fell nearly 0.6 per cent and France's CAC dropped nearly 1.2 per cent, both declining for a second consecutive week. The UK's FTSE 100 rose nearly 0.9 per cent.