European Stocks Rebound From Worst Three-Day Drop Since Januaryby
European stocks rose as investors assessed the extent of recent declines that dragged equities to a two-week low.
The Stoxx Europe 600 Index added 0.6 percent at the close, trimming a weekly decline to 1 percent, the biggest five-day loss since November. The benchmark tumbled 1.7 percent in the previous three sessions as U.S. President Donald Trump faced controversies surrounding Russia, heightening political risk sentiment.
- Stoxx 600 utilities outperformed most industry groups on Friday, extending their weekly advance to 1.1 percent. Carmakers, among the worst performers in the past three sessions, were among the best performers today.
- Equities are stabilizing following a rebound in U.S. stocks Thursday, after former FBI Director Robert Mueller was appointed as special counsel to investigate Russian efforts to influence the 2016 American election, as well as possible collusion by Trump campaign associates.
- Dufry AG rallied 4.9 percent after a regulatory filing showed Richemont acquired a 5 percent stake in the travel retailer.