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(Bloomberg) — European stocks gained on Friday as upbeat earnings and stronger-than-expected business activity across the euro zone buoyed sentiment.
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The Stoxx Europe 600 Index rose 0.8% by the close in London, extending gains after a Reuters report that Pakistan is exploring a path toward resuming stalled US and Iran talks following a push initiated by China.
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SAP SE advanced 9.3% and was the biggest boost to the benchmark after the software company reported cloud revenue that grew faster than expected.
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The media as well as travel and leisure sectors outperformed, while energy and telecom shares were the biggest laggards.
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Data showed euro-area private-sector activity improved much more than expected in July, returning to levels seen before the Middle East war.
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European stocks have traded in a tight range since hitting a record earlier in July as investors balanced a solid corporate earnings outlook against rising geopolitical risks. Tariff worries are also returning after the US said it would collect duties of between 10% and 12.5% on imports from most major trading partners.
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Meanwhile, the reporting season is off to a strong start. MSCI Europe firms have so far posted a better-than-expected 12% jump in second-quarter earnings, according to data compiled by Bloomberg Intelligence.
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Focus next week will be on key interest-rate decisions from the Federal Reserve and the Bank of England.
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“Next week is going to be a big one and the messaging from the central banks is likely to be key,” said Michael Hewson, senior market analyst at iForex. “What I don’t see is a big selloff in equity markets. I just see an awful lot of choppiness and volatility.”
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In other earnings-driven moves, Volkswagen AG was down 2.0% after cutting its revenue expectations for the year. Neste Oyj slumped 6.4% after the Finnish renewable fuels and energy company posted disappointing second-quarter earnings.
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For more on equity markets:
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- Tech Names Find Investors Much Harder to Please: Taking Stock
- M&A Watch Europe: Allianz, HSBC, Dangote, Accor, Essendi
- Data Centers Propel Volex to London’s Main Market: ECM Watch
- US Stock Futures Unchanged; Amkor Technology, Tenet Gain
- Pint-Sized Relief: The London Rush
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—With assistance from Julien Ponthus.
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