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Tech, auto stocks drive bounceback in Europe

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LONDON: European stocks bounced back strongly on Friday from a sharp selloff in world markets, after Asian shares staged a partial recovery overnight.

Euro zone stocks jumped 1 per cent with Germany's DAX up 1.1 per cent while the FTSE 100 gained 0.4 per cent.

The main euro zone index was however still set for its biggest weekly fall since February, down 3.7 per cent on the week.

Third-quarter results were also beginning to trickle in from European firms, with investors' eyes on Wall Street banks which report earnings later on Friday, formally kicking off the earnings season.

Tech stocks – the worst hit by this week's sudden drop – were the biggest gainers, with the sector index jumping 2.4 per cent led by chipmakers Siltronic, AMS, and STMicroelectronics.

The growth-sensitive auto and mining sectors climbed 1.3 to 1.6 per cent.

Luxury stocks, which had also suffered sharp falls as investors targeted the most highly-valued parts of the market, climbed too.

Gucci owner Kering topped France's CAC 40 with a 3.1 per cent gain, while LVMH, Moncler and Salvatore Ferragamo rose 1.7 to 1.9 per cent.

Man Group shares rose 4.7 per cent after the world's largest listed hedge fund reported funds under management increased in the third quarter thanks to investment gains and net inflows.

Broker notes also moved some stocks.

Online retailer Zalando gained 4.3 per cent and Asos rose 2.9 per cent after Credit Suisse analysts said they were confident that in Europe retail brands preferred the two firms' platforms to Amazon.

Victrex shares fell 2.3 per cent after Morgan Stanley downgraded the stock to "underweight".

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