European stock markets rise at open on Friday

NEW DELHI: Europe's main stock markets opened higher on Friday, following gains in other markets. The tech sector saw a rally, and investors reacted positively to US inflation data.
London's FTSE 100 index rose by 0.6% to reach 7,676.72 points. In the eurozone, the Paris CAC 40 index increased by 0.2% to reach 7,945.82 points, while Frankfurt's DAX rose by 0.8% to reach 17,815.47 points.
Germany's DAX index continued its upward trend, reaching record highs for the seventh consecutive session.The European technology index also saw gains, fueled by the rise of AI-related tech stocks worldwide.
Financials, particularly the banks index, experienced a notable increase of 1.2%. Additionally, real estate stocks rose by 1% due to growing optimism surrounding potential monetary policy easing following the release of US inflation figures that were in line with expectations.
Daimler Truck saw a significant surge of 13.5% following an announcement of higher-than-expected pre-tax earnings for 2023. The German truck maker also declared a dividend increase and a share buyback program.
Grifols, a Spanish pharmaceutical company, experienced a notable increase of 18.2% in its stock price after confirming that the sale of its stake in Shanghai RAAS would proceed. The company also released a new cash flow target for 2024.
However, Swiss logistics group Kuehne und Nagel faced a decline of 12.6% in its stock price after reporting a larger-than-anticipated decrease in annual operating profit, primarily due to weaker performance in nearly all segments. Similarly, Saint-Gobain, a French construction materials group, reported a drop in sales for 2023, resulting in a 4.3% decrease in its shares.
The construction and materials index experienced the most significant decline, with a drop of 0.6%.