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European Stocks Trim Weekly Slump as Tech, Miners Lead Advance

A display showing the German Stock Market Index DAX is pictured at the stock exchange in Frankfurt, Germany. Photographer: Daniel Roland/AFP via Getty Images

(bloomberg)

(Bloomberg) -- European equities climbed after sinking to the lowest level in two years on Thursday, as technology and mining shares led the gains.

The Stoxx Europe 600 Index added 0.8 percent, set for a drop of 3.2 percent this week. SAP SE climbed 1.6 percent, while Nokia Oyj surged 5.4 percent after analysts said that Huawei Technologies Co.’s recent difficulties were positive for the company. Fresenius SE slumped 11 percent after saying it won’t meet financial goals through 2020.

European stocks on Thursday tumbled the most since the Brexit vote aftermath, sinking to a two-year low, as trade and growth fears made investors capitulate. Financial markets remain on edge amid worries that the trade truce between China and the U.S. won’t last after the arrest of Huawei’s chief financial officer.

“Late in the cycle, this is not unexpected market behavior,” Ken Adams, head of tactical asset allocation at Aberdeen Standard Investments, said by phone. “When investors see the momentum of growth slowing, they think of slowing earnings growth, and at the same time, the Fed is raising interest rates—that combination creates uncertainty."

To contact the reporter on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.net

To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Jon Menon

©2018 Bloomberg L.P.

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