European stocks drift into the weekend

European equities steadied on Friday after the previous day’s sharp sell-off that was sparked by sluggish first-quarter eurozone growth. London’s FTSE 100 index of top companies climbed 0.26 per cent to close at 6,855.81 points and the CAC 40 in Paris added 0.26% to 4,456.28 points, while Frankfurt shed 0.28% to 9,629.10 points. Italy’s Milan rebounded 1.12% after having dropped 3.6 on Thursday. Greece’s stock market fell 3.15 per cent on Friday to hit its lowest point since October, having shed nearly 9 per cent of its value this week amid a return of concerns about the economy and political situation.
- Eurozone ‘facing deep challenges’ -
European stocks were mauled on Thursday, with both the Paris and Frankfurt indices losing about 1% after data showed economic growth across the 18-nation eurozone had expanded by an anaemic 0.2% in January-March, half the 0.4% that had been forecast. Data agency Eurostat also confirmed on Thursday that eurozone inflation rose to 0.7% in April, up from the 0.5% reported in March but still well off the European Central Bank’s 2.0% target, according to AFP.