London, Frankfurt stocks hit new records as UK exits recession

The British capital's FTSE 100 index advanced 0.5 percent to 8,426.95 points

Staff Writer, Agence France-Presse (AFP)

May 10, 2024

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The London and Frankfurt stock exchanges hit new records at the open Friday as data showed the UK emerged from recession in the first quarter.

The British capital's FTSE 100 index advanced 0.5 percent to 8,426.95 points.

Frankfurt's DAX also rose about 0.5 percent to 18,773.30 points in early deals before slightly paring down some gains.

Both exchanges had jumped to record peaks on Thursday after the Bank of England maintained its interest rate at a 16-year high but signalled that cuts were on their way.

Official data on Friday showed the UK economy grew by a stronger-than-expected 0.6 percent in the first quarter following two successive quarters of contraction.

The Paris CAC 40 of blue-chip stocks was also higher, gaining 0.4 percent to 8,218.64 points.

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