European Equity Benchmarks Close Higher for Fifth Straight Day

The broad-based major European indices closed higher for a fifth consecutive day in Friday’s trading session, as health care companies and pharmaceutical stocks help lift the markets.

In economic news, Germany’s Federal Statistical Office (Destatis) reported that the country exported goods worth EUR101.5 billion ($107 billion) and imported goods worth EUR82.2 billion in October. Exports decreased 4.1% in October year-over-year, while imports were down 2.2%.

Destatis also reported that labor costs per hour worked rose 2.5% in Q3, compared with the year ago quarter. And compared with the previous quarter, labor costs were up 0.8%. The costs of gross earnings in Q3 rose 2.4% compared to a year earlier, while non-wage costs were up 2.8%.

Also in Germany, between January and September, German local courts reported 16,480 business insolvencies, which was a decline of 5.2% compared with the same period last year.

By Bryan Smith