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European stocks close higher as Stoxx 600 notches fresh record; Standard Chartered up 6%

Karen Gilchrist

This was CNBC's live blog covering European markets.

European stocks closed higher Friday, extending positive momentum after the pan-European benchmark finished at a record high.

European markets


After a slow start to the week, the regional Stoxx 600 index has pushed higher over the last two sessions on a mix of data and earnings, gaining 0.4% on Friday. Autos stocks were up 1%, while technology stocks fell 0.33%.

Earnings from Standard Chartered showed an 18% increase in pre-tax profits, pushing shares up 9.8% before paring gains. Meanwhile, Allianz shares sunk 3.2% after fourth-quarter operating profits in its property division came in below expectations.

U.K. consumer confidence dipped in February, new survey data from GfK showed Friday, indicating that higher inflation continues to weigh on hopes of an economic upturn.

U.S. stocks are also scaling record levels, with the S&P 500 index breaking above 5,100 for the first time on Friday. 

In Asia-Pacific, markets finished mostly higher, with China stocks rising for the ninth straight session as investors digested property prices data.

Europe stocks close higher

European stocks closed higher Friday, marking a fresh record for the Stoxx 600 index.

France's CAC 40 gained 0.7%, while the U.K.'s FTSE 100 and Germany's DAX were both 0.3% higher.

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Stoxx 600 index.

— Jenni Reid

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U.S stocks open higher on Friday

The S&P 500 opened 0.3% higher, while the Dow Jones Industrial Average gained 102 points, or 0.3%. The tech-heavy Nasdaq Composite added nearly 0.4%.

The broad market hit a new record above 5,100. The Dow also reached a record high at the open.

— Pia Singh

Investors can't shake off the fear factor as global stocks hit all-time highs

Global markets hit record highs this week as the frenzy around artificial intelligence boosted risk sentiment and hopes of a return to economic growth. But some investors have urged caution, suggesting that high tech valuations could put the rally at risk.

Oliver Bäte, CEO of wealth manager Allianz, which has around $1.85 trillion in assets under management, said it looks "very dangerous out there."

"We are very cautious about some of the valuations in the tech sector," he told CNBC's "Squawk Box" Friday.

Read the full story here.

— Karen Gilchrist

German economy contracts 0.3% in fourth quarter

The German economy contracted 0.3% in the fourth quarter of 2023, a finalized print of the gross domestic product (GDP) from Germany's Federal Statistical Office showed Friday.

The figure was unchanged from preliminary data and indicates a deepening of Germany's economic woes after economic activity contracted 0.1% in the third quarter.

— Karen Gilchrist

Volvo falls 3.8% on plans to dilute EV stake

A Volvo XC60 is offered for sale at a dealership on October 04, 2021 in Chicago, Illinois.
Scott Olson | Getty Images

Volvo shares fell 3.8% on Friday after announcing plans to dilute 62.7% of its stake in Swedish electric vehicle manufacturer Polestar Automotive Holding among shareholders.

The Swedish carmaker's involvement in Polestar had been criticized by analysts, who consider it a drag on Volvo's resources, according to Reuters.

— Karen Gilchrist

Stocks on the move: Standard Chartered up 6.6%, Lufthansa down 4.5%

Shares of Standard Chartered jumped to the top of the Stoxx 600 in early deals, adding 6.6%, after the company reported an increase in pre-tax profits in its full-year results and announced a $1 billion share buyback program.

Meantime, Lufthansa shares fell 4.5% as ongoing strikes over staff salaries weigh on the German airline.

— Karen Gilchrist

CNBC Pro: Want a Nvidia alternative? These 6 chip suppliers look set to gain big from the AI boom

A number of stocks that supply Nvidia look set to gain from the AI boom, as the U.S. chip giant published another bumper quarter of earnings.

The acceleration in the AI trend also means that its suppliers' network stands to benefit directly or indirectly from the growth.

CNBC screened for companies that are Nvidia suppliers and look set to gain from the AI growth story.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Goldman Sachs reveals the 'Seven Samurai' — Japan's version of the 'Magnificent Seven' stocks

Investors have been bullish on Japan stocks since last year, repeatedly driving them to record highs.

The latest rally was on Thursday, when the Nikkei 225 hit a record high that surpassed the previous one reached in 1989.

Goldman Sachs has named "Seven Samurai" stocks in Japan, which it says could be an equivalent of the United States' "Magnificent Seven."

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets are set to open higher Friday.

The U.K.'s FTSE 100 index is expected to open 4 points lower at 7,686, Germany's DAX up 23 points at 17,396, France's CAC 6 points higher at 7,921 and Italy's FTSE MIB down 4 points at 32,403, according to data from IG. 

Earnings are due from Allianz, BASF and Standard Chartered on Friday, and Germany is set to release its fourth-quarter gross domestic product data.

— Karen Gilchrist