(Bloomberg) — European shares climbed on Friday, snapping weekly losses and breaking their longest losing streak since February 2018 as consumer and retail stocks recovered modestly.
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The Stoxx 600 index was up 0.4% in London as of 8:08 a.m. ET. Technology shares fell heavily on Thursday as a slide in Apple Inc amid concerns over Chinese restrictions on the use of iPhones at government-backed agencies and state companies. Barring energy stocks, all European sectors were in the green in early trade on Friday.
Major regional benchmarks are headed for the first of three weeks of falls, as this year’s rally in European equities faltered. Investors are eyeing slow growth and sticky inflation in the region, with central banks expected to keep rates high for a long time. Next week the focus will be on European Central Bank meeting and US inflation data.
Read more: ECB hike or pause dilemma getting tighter, poll suggests
“This week has been a transitional one, mainly taking profits from the previous week,” said Ricardo Gil, head of asset allocation at Trey Asset Management. “The real start of summer will be next week and investors will soon start looking at positioning portfolios for the end of the year.”
European equities saw outflows of $66 million in the 26th week, according to a Band of America note citing EPFR Global data.
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Source: finance.yahoo.com
