By Sara Sjolin, MarketWatch , Tommy Stubbington
LONDON (MarketWatch) -- German insurer Allianz AG tumbled in
late afternoon trading on Friday, leaving the German DAX 30 index
to underperform in an otherwise up day, after famed asset manager
Bill Gross resigned from Pimco, a subsidiary owned by the
company.
The main benchmarks started out in the red, but gradually moved
higher throughout the session, as U.S. stock futures rose and the
regular Wall Street trading session started on an up note. On
Thursday, both European and U.S. stock markets closed sharply
lower, with the S&P 500 index (SPX) and the Dow Jones
Industrial Average (DJI) suffering their worst losses since July
31.
The Stoxx Europe 600 index gained 0.3% to 342.33, although that
wasn't enough to send it into positive territory for the week. The
pan-European benchmark was eyeing a 1.8% weekly loss, following a
week with lackluster German data and worries about Chinese
growth.
Bill Gross exits, Allianz drops: Germany's DAX 30 index , which
is down 3% on the week, eased 0.2% to 9,488.35 on Friday. News that
Gross had resigned to join Janus Capital Group (JNS) helped push
the index lower, as the news appeared to shock the market. Allianz
was the top decliner in Europe, tumbling nearly 6%. Read: A tale of
two firms: Allianz slides as Gross exits, Janus jumps
Shares of adidas AG also weighed on the German index, falling
nearly 2%, while its rival Nike Inc. (NKE) rallied in the U.S.
after upbeat results.
Across other indexes, France's CAC 40 rose 0.8% to 4,388.93,
buoyed by a 1.4% gain for oil giant Total SA (TOT).
The U.K.'s FTSE 100 index rose 0.2% to 6,649.94, but was on
track for a 2.8% weekly slide.
In currencies, the dollar (USDRUB) surged to an all-time high
against the ruble at 39.102 rubles, up 1.6%, according to
FactSet.
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