5/20, 10:51 AM (Source: TeleTrader)
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Europe extends gains amid China rate cut, UK retail sales

European stock markets edged higher on Friday, ending the week positively, as investors were encouraged by a cut in a key Chinese lending benchmark and received the United Kingdom retail sales data.

Earlier, the People's Bank of China announced its decision to keep one-year loan interest rates unchanged at 3.70%, the most significant cut on the record. On the other side, retail sales in the UK increased by 1.4% in April, in contrast to expectations of a further decline of 0.2% due to higher spending on alcohol and tobacco in supermarkets and higher clothing sales.

The DAX gained 1.65% or 227 points at 10:51 am CET, while the CAC 40 added 1.06%, and the FTSE 100 rose 1.68%. The euro was down by 0.08% against the dollar at 10:50 am CET, selling for $1.05774. In comparison, the pound was up by 0.10% to go for $1.24818 at the same time.

Baha Breaking News (BBN) / JG