Oil relief lifts European stocks, telecoms a weak spot
EWG•European stocks rose on Friday as oil prices eased on hopes of a pause in the Middle East war; the STOXX 600 gained 0.8% to 630.47. The telecom index fell 2.7% after SpaceX agreed to acquire a nationwide low-band spectrum portfolio.
1. Stocks recover
The pan-European STOXX 600 climbed 0.8% to 630.47 points by 0718 GMT on Friday, after closing at a near four-month low on Thursday. Oil prices dipped nearly 1% as supply concerns eased after U.S. President Donald Trump said the United States would not attack Iran before next month's U.S. elections. Euro zone bond yields also pulled back after reaching multi-decade highs in recent days.
2. Telecoms slide
The European telecom index fell 2.7%. Deutsche Telekom dropped 7% after SpaceX struck a deal to acquire a nationwide low-band spectrum portfolio; Deutsche Telekom holds a 54% stake in T-Mobile US, which slid 6% in after-hours trading. Vodafone fell 3.5%, Orange lost 2.4% and Telefonica dipped 2.3%.
