European Stocks Snap Streak of Weekly Losses as Defensives Rally
European equities ended the week higher, lifted on Friday by a rally in so-called defensive stocks and bets for more interest-rate cuts from the European Central Bank.
The Stoxx Europe 600 Index rose 1.2% for its biggest daily gain in nearly two months, with real estate and health care names outperforming. The gauge had fallen for the prior four weeks, its longest such streak since May 2022.
Among other individual movers, Thales SA fell nearly 3%, with the French aerospace and defense supplier under investigation by UK and French prosecutors for suspected bribery and corruption. On the plus side, Games Workshop Group Plc surged to a record high, after a strong trading update.
Meanwhile, the Stoxx 600 Banks Index shed 1.8% on Friday as data showing a fall in business activity boosted the odds of a half-point rate cut implied by the market. Spanish lenders were particularly weak, after the government raised the maximum rate of a windfall tax on the sector.
Source : Bloomberg
