European stocks stabilise after seven-day selloff
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 31, 2023. REUTERS/Staff/File Photo Acquire Licensing Rights
Sept 8 (Reuters) - European stocks edged higher on Friday, as investors snapped up battered luxury and technology shares after a plethora of concerns including the prospect of elevated U.S. interest rates and slowing European economy roiled sentiment this week.
The pan-European STOXX 600 index (.STOXX) rose 0.3% after marking a seven-day losing run on Thursday, its longest such streak since February 2018.
French luxury giant LVMH (LVMH.PA) added 0.7% after slumping earlier this week on concerns about sputtering economic growth in China.
STMicroelectronics inched up 0.3% after getting swept up in a chip selloff on worries about China imposing curbs on Apple's (AAPL.O) iPhones.
While the mood marginally stabilised on Friday, the STOXX 600 was still set for a weekly loss of about 0.7% as investors were concerned about the prospect of a European recession and U.S. rates staying elevated.
Saipem (SPMI.MI) rose 1.9% after the Italian energy services group won new offshore contracts worth 850 million euros ($910.18 million).
($1 = 0.9339 euros)
Reporting by Sruthi Shankar in Bengaluru; Editing by Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles.
