09.01.202617:13:58UTC+00European Stocks Close Higher

On Friday, European stocks concluded the week on a strong note, rising significantly after earlier declines, spurred by positive corporate updates and a promising macroeconomic environment. The Eurozone's STOXX 50 rose by 1.6%, finishing at 5,996, while the pan-European STOXX 600 increased by 1% to reach 610. The tech sector, in particular, experienced a robust recovery following a tumultuous week, mirroring the positive trend seen in the U.S. ASML saw a near 7% surge, with SAP and Infineon both climbing over 2%. Despite uncertainties regarding Chinese clientele, the luxury sector also showed strength. Hermes, LVMH, and L'Oreal reported gains between 6% and 3%, with L'Oreal revealing plans to acquire Kering’s cosmetics division. Beyond the Eurozone, Glencore's shares rose by 8% after renewed discussions with Rio Tinto, which saw a 2% decline, concerning their potential $260 billion merger.