European Stocks on Track to Log Fifth Straight Week of Gains
The STOXX 50 edged up 0.2% and the STOXX 600 gained 0.6% on Friday, with both indexes on track to close the week approximately 1.8% higher, potentially marking a fifth consecutive weekly advance. Investors continued to weigh the prospects of a de-escalation in the ongoing trade war while keeping a close eye on the Russia-Ukraine peace talks. On Friday, healthcare, telecommunications, and oil & gas sectors led the gains, while technology stocks lagged behind.
Meanwhile, traders digested a fresh round of corporate earnings. Shares of Richemont surged around 4% after the luxury goods group reported a better-than-expected 7% increase in Q1 revenues. Swiss Re also posted strong results, with a 16% rise in quarterly profit, but the company's shares declined about 1%.
Source: Bloomberg