Europe's STOXX 600 ends week higher as tech stocks rebound

Europe's STOXX 600 ended higher on Friday, as tech stocks made a strong comeback at the end of a bumpy week, while the European Central Bank's rate cut and a flurry of corporate earnings helped the index deliver a second straight week of gains.

The STOXX 600  closed up 0.2% as the tech sector  led gains with a 2% jump.

That cut the weekly loss for the tech index to 6%, but it remained the worst-performing sector this week after ASML's  weak 2025 sales forecast sparked a rout in chip stocks globally.

The computer chip equipment maker's shares were up 1% on Friday, while chip stocks Soitec SA  and BE Semiconductor Industries  were up 5.6% and 2.8%, respectively.

Basic resources shares  climbed 1.4%, boosted by strong copper prices.

The luxury stocks index  rose 1.1% after a sell-off earlier this week following LVMH's  weak third-quarter sales.

With LVMH, other luxury giants such as Gucci-owner Kering  and Hermes  rose 3.5% and 1% respectively, aiding France's main CAC 40 index  that gained 0.4%.

Brunello Cucinelli  rose 2.6% following the Italian luxury group's strong nine-month revenue performance.

However, brokerage Goldman Sachs slashed its 2024 earnings growth forecast for Europe's STOXX 600 index  to 2% from 6%, citing risks from rising corporate taxes and potential trade tariffs.

On the policy front, the ECB trimmed its interest rates to 3.25% on Thursday. Sources told Reuters a fourth cut in December was likely unless key data turned south by then.