Basic resources shares climbed 1.4%
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.
