European stocks inch up, euro dips on S&P downgrade

European shares inched up on Friday with riskier assets still in demand following a broadly neutral shift in U.S. monetary policy, and the euro dipped after a credit agency cut its rating on the European Union. The FTSEurofirst 300 (.FTEU3) index of top European shares was up 0.2 percent after an hour of trading. That kept the index on for a weekly gain of about 3.4 percent, its biggest in eight months, as sentiment stayed upbeat after the U.S. Federal Reserve sugar-coated Wednesday’s cut in stimulus with a signal that interest rates were likely to stay low for longer. “It is still highly accommodative policy from the Fed,” said Ioan Smith, strategist at KCG.


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