European shares end best week since June as strong earnings lift sentiment
SPY•European shares were little changed on Friday, but the STOXX 600 rose more than 2% for the week, its best since late June, as strong earnings and a rotation out of tech lifted sentiment.
1. Weekly gains
The STOXX 600 closed flat at 664.14 points on Friday, after gaining more than 2% for the week. The Euro STOXX banks index led broader gains, rising more than 4% over the week.
2. Tech falls
The tech sector fell 1.3% on Friday as uncertainty over the AI outlook weighed on global markets. Infineon and Aixtron each fell more than 4%, while Schneider Electric and Legrand also declined.
3. Company and economic news
Wise Group gained 7.7% after reporting a 23% rise in first-half net revenue. Richemont fell 3.8% after weaker-than-expected second-quarter jewellery sales, while Acciona dropped 8% after its subsidiary said it would miss its €2 billion asset rotation target. Euro zone GDP grew 0.4% quarter-on-quarter in the third quarter.
