European Stocks Rebound from 3-1/2-Month Low

European equities recovered on Friday after hitting a 3-1/2-month low, as falling government bond yields and cheaper oil helped restore some investor confidence. The STOXX 50 gained more than 1%, while the broader STOXX 600 advanced over 0.5%, although both benchmarks recorded a weekly loss. Global sentiment improved following weaker-than-expected US employment data, which reduced expectations of further Federal Reserve rate increases. Oil prices also retreated after the G7 and partner countries announced plans to release up to 100 million barrels of crude and diesel reserves. Technology stocks led the rebound, with the sector rising more than 2.5%. ASML Holding climbed over 3%. Basic Resources rose around 2%, while industrial goods, telecommunications and construction stocks recorded gains. Utilities and chemicals also moved higher, whereas healthcare, banking and retail shares lagged.