European Stocks Rebound, But STOXX Still Heads for Third Weekly Loss
European stocks rallied on Friday, helped by falling oil prices, which eased pressure on energy costs and spurred a recovery after the previous day's sharp sell-off. The STOXX 50 index rose 1.2%, while the STOXX 600 gained 0.9%, with gains led by the financial and technology sectors.
A number of large stocks contributed to the rally, including ASML (+1.6%), HSBC (+1.1%), LVMH (+1.4%), L’Oréal (+1.4%), Siemens (+1.4%), and Unilever (+1.4%). Highlights came from Infineon, which surged 5.1% and became the best performer on the STOXX 600 after JPMorgan upgraded the stock, citing stronger demand prospects for AI-powered power technology.
However, Friday's gains were not enough to reverse the weekly performance. The STOXX 50 remained down 1.7% for the week, and the STOXX 600 fell 2.1%, putting it at risk of a third consecutive weekly decline. On the downside, energy and shipping stocks lagged, with Maersk (-3.8%), BP (-2.4%), and Repsol (-1.7%) among those under pressure.
Source: Newsmaker.id