Economic news

Tech, auto sectors lead rise in European markets

European shares rebounded on Friday from a steep selloff in global markets, after Asian region attempted a partial recovery overnight.

Photo: Reuters

The main euro zone index Stoxx 600 leaped 0.8 percent to 362.51.

Germany's DAX index surged 1.2 percent and France's CAC 40 climbed 0.9 percent. The UK's FTSE 100 stock index was 0.4 percent higher.

Investors focused on third-quarter financial results from European companies and Wall Street banks.

Tech sector - the worst affected by this week’s unexpected fall - led the rise, with the sector index climbing 2.4 percent.

Gucci owner Kering was the main gainer on France’s CAC 40 with a 3.1 percent surge, while shares in LVMH, Moncler and Salvatore Ferragamo added 1.7 to 1.9 percent.

Shares of Man Group soared 4.7 percent after the Hedge fund heavyweight reported a slight increase in funds in the quarter ended September 30.

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