[BENGALURU] Large-cap companies pulled European stocks higher on Friday as a surge in Britain's Vodafone and strong earnings for media businesses and Nestle spurred recovery from a sell-off driven by the European Central Bank. Read more at The Business Times.
Large-cap companies pulled European stocks higher on Friday as a surge in Britain's Vodafone and strong earnings for media businesses and Nestle spurred recovery from a sell-off driven by the European Central Bank.[BENGALURU] Large-cap companies pulled European stocks higher on Friday as a surge in Britain's Vodafone and strong earnings for media businesses and Nestle spurred recovery from a sell-off driven by the European Central Bank.
The STOXX 600 telecoms index rose 2.3 per cent as shares of Cellnex, currently Europe's biggest towers group, gained 3.3 per cent and Telecom Italia rose 4.1 per cent after Vodafone agreed to jointly roll out 5G in Italy and merge their mobile mast operations.However, media stocks led the gains after upbeat results from France's Vivendi, satellite operator SES and education company Pearson.
Despite Thursday's blip, the main STOXX index posted a 0.8 per cent gain on the week, driven partly by hopes of policy easing from the ECB as economic data points to a worsening outlook for Europe's already slowing economy. US data showed economic growth slowed less than expected in the second quarter, though it did little to deter expectations that the US Federal Reserve will cut interest rates by 25 basis points next week.
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