European Stocks Extend Gains

European stocks extended their gains on Friday, with the STOXX 50 rising 1.1% and the STOXX 600 adding 0.9%, supported by lower oil prices and government bond yields. Brent crude subsequently fell toward $99 a barrel, helping to ease inflationary pressures and push government bond yields lower, including French yields, which had remained under pressure amid concerns over the country’s political and fiscal outlook. Tech stocks posted strong gains, while retailers, industrials and chemical companies also advanced. ASML Holding rose 2.4%, Siemens gained 1.1%, and Inditex added 2.2%. Infineon (5.9%), Thyssenkrupp (4.5%) and Stellantis (4.1%) were among the top performers on the STOXX 600, while Sanofi was the biggest laggard, falling 3.2%. Despite Friday’s gains, the STOXX 50 remains down 2.0% for the week, while the STOXX 600 has fallen 1.9%, on track for their worst weekly performance since April.