European stocks closed sharply higher on Friday, recovering from losses earlier in the week amid positive corporate news and an outlook of a favorable macroeconomic backdrop. The Eurozone’s STOXX 50 jumped 1.6% to close at 5,996, while the pan-European STOXX 600 gained 1% to 610. Tech shares closed a volatile week sharply higher, tracking the strong momentum for the sector in the United States with ASML surging close to 7%, while SAP and Infineon added over 2% each. Luxury also performed well despite uncertainty over the outlook for Chinese clients, with Hermes, LVMH, and L’Oreal adding between 6% and 3%, with the latter announcing the acquisition of Kering’s cosmetics business. Outside the currency bloc, Glencore surged 8% after resuming talks with Rio Tinto (-2%) on their potential $260 billion merger.
