Paris (AFP)

The Paris Bourse advanced 1.55% for its last session of the week, helped by encouraging health news on the treatment front against Covid-19, despite the publication of mixed economic indicators.

The flagship CAC 40 index advanced 75.18 points to 4,926.56 points around 1:00 p.m. (11:00 GMT).

The other European places also benefited from this surge of optimism, Frankfurt gaining 1.23% and London 1.69%.

"Europe's stock market benefits from FDA approval of Gilead laboratory's treatment, Redemsivir, for patients with Covid-19," said David Madden, analyst at CMC Markets UK.

The U.S. Medicines Agency has granted the antiviral drug permanent authorization for inpatients, confirming the conditional authorization granted in May, according to its manufacturer Gilead.

Regarding a potential vaccine, the future is more uncertain but two American companies, Pfizer and Moderna, plan to apply for authorization by the end of November in the United States.

The pandemic continues meanwhile its very strong progression in Europe, with in particular a record of contaminations in France in 24 hours, to more than 41,600 cases.

Mixed economic indicators have not altered the mood of investors.

Private sector activity contracted in October in the euro area, the victim of a deterioration in the economic situation in services linked to the worsening of the Covid-19 epidemic, according to the first estimate of the index Composite PMI of the firm Markit.

These figures raise fears of a further plunge of the European economy into recession in the last quarter, after the improvement that followed the collapse of spring, especially in France.

"We risk having a negative growth figure" in the fourth quarter, recognized Friday morning the French Minister of the Economy Bruno Le Maire, assuring that this possibility had been integrated in the forecast of contraction of the GDP of 10% made by government for all of 2020.

"The rebound of the previous months will perhaps come to an end," observes Stephen Innes, strategist for Axi, stressing however the still important role of the European Central Bank to support Europe in case of need.

European stock indices were finally supported by a series of continent-wide financial results.

DAIMLER RETURNS TO ITS 2019 LEVEL

The German car manufacturer (+ 2.20% to 48.96 euros) expects for the current year an operating profit (EBIT) "at the level of the previous year" despite a "sharp decline" in expected turnover due to the pandemic.

BARCLAYS RENEWED WITH THE BENEFITS

The British bank (+ 8.04% to 112.66 pence) returned to profit in the third quarter despite the pandemic, when it had recorded a loss last year due to legal provisions linked to the insurance scandal- PPI credit.

RENAULT SALES RECOVER

The upturn in auto sales in the third quarter of 2020 allowed Renault (+ 0.62% to 25.05 euros) to limit the decline in its turnover, but the French group remains cautious for the future regarding the effects of the health crisis in the coming months.

© 2020 AFP