Oct 24 (Reuters) – European shares climbed on Friday, as signs of easing U.S.-China trade conflicts and a raft of positive corporate earnings boosted investor sentiment.
The continent-wide STOXX 600 index (.STOXX), opens new tab was up 0.3% at 576.01 points, as of 0709 GMT. The index closed at a record high in the previous session, boosted by energy stocks after the U.S. imposed new sanctions on major Russian suppliers over Moscow’s intensifying war with Ukraine.
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Sentiment was buoyed after the White House confirmed on Thursday that U.S. President Donald Trump will meet his Chinese counterpart next week. Both leaders will meet amid escalating tensions between the economic superpowers and an upcoming deadline for an additional 100% U.S. tariffs to be imposed on Chinese imports.
European technology stocks (.SX8P), opens new tab and financial services (.SXFP), opens new tab sector added 0.8% each. Utilities index (.SX6P), opens new tab declined 0.3%.
On the data front, British retail sales unexpectedly rose 0.5% in September, a fourth consecutive monthly increase.
Investors await data on U.S. consumer price, due later in the day, for economic cues ahead of the Federal Reserve’s policy meeting next week.
Among corporate updates, Sanofi (SASY.PA), opens new tab rose 3.3% after the French pharmaceutical company reported a third-quarter profit that beat analysts’ expectations.
Shares of Saab (SAABb.ST), opens new tab gained nearly 6% after the Swedish defence group raised sales outlook on the back of soaring military spending.
NatWest (NWG.L), opens new tab rose 4.4% after the lender reported a 30% rise in third-quarter profit and upgraded its performance target for the year.
Reporting by Sukriti Gupta in Bengaluru; Editing by Sherry Jacob-Phillips
European shares gain on US-China trade optimism, upbeat earnings
