European shares climbed on Friday, boosted by mining and technology sectors, although the main benchmarks were on course for steep weekly losses as investor concerns heightened over the US debt ceiling impasse and a slowing global economy.
The pan-European STOXX 600 index rose 0.4% by 0707 GMT, after closing at an eight-week low on Thursday.
Miners jumped 2.6%, tracking a rebound in metal prices, as the global mood improved after the progress made in the US debt ceiling negotiations, while technology stocks extended their recent run of gains.
Also lifting miners, Rio Tinto climbed 3.6% after Morgan Stanley upgraded the stock to “overweight” from “equal weight”. Shares of debt-ridden French supermarket company Casino slumped nearly 9% as they resumed trading after being suspended earlier this week.
European shares slip as macro gloom weighs; luxury stocks rebound
The retailer said it was officially starting court-backed negotiations with its creditors, seeking a way out of its financial woes while weighing two tie-up bids from wealthy investors. Shares of ProSiebenSat.1 inched 0.2% higher after the German media group confirmed its full-year outlook.Business Recorder
Leave a Reply