The European Central Bank’s rate decrease and a rush of corporate profits helped the index produce a second consecutive week of gains. Tech stocks made a strong rebound at the end of a turbulent week, and Europe’s STOXX 600 ended higher on Friday. With a 2% increase, the IT sector led gains as the STOXX 600 closed up 0.2%.
European stocks close higher
Friday’s closing of European markets was positive, driven by gains in luxury and technology companies. With the majority of sectors and most regional bourses in the green, the pan-European Stoxx 600 concluded the session with a provisional gain of 0.19%. With a gain of 0.37%, the index also posted its second straight week of advances.
European stocks Details
Due to high copper prices, Basic Resources Shares (.SXPP), opens new tab, increased 1.4%.
The luxury stocks index (.STXLUXP) saw a 1.1% increase in new tab values following a sell-off earlier this week in response to LVMH’s (LVMH.PA) dismal third-quarter sales.
Along with LVMH, other luxury behemoths like Hermes (HRMS.PA) and Kering (PRTP.PA), owners of Gucci, also opened new tabs that increased 3.5% and 1%, respectively. This helped support the 0.4% advance on France’s main CAC 40 index (.FCHI).
After a robust nine-month sales performance, Brunello Cucinelli (BCU.MI), an Italian luxury group, opened a new tab that increased by 2.6%.
Getinge, a Swedish manufacturer of medical equipment, sank 5% after third-quarter core earnings missed estimates, while Elisa, a Finnish telecom business, declined 4.7% as revenue missed projections.
