UNITED STATES, WASHINGTON (VOP TODAY NEWS) — European shares recovered from six-month lows on Friday, posting a positive performance at the end of a turbulent week as hopes for a German fiscal stimulus rose, boosting sentiment and pushing troubled banking stocks to their best day in four and a half months.
Der Spiegel reported on Friday that Germany’s coalition government would be willing to give up the balanced budget base and take new debt to counter a possible recession.
Germany’s DAX <.GDAXI> was up 1.3 percent after suffering recent pressure on fears of a slide into recession amid mounting trade tensions between the United States and China. German bonds also recovered from low levels after the Der Spiegel report.
The banking sector index, which posted a loss of about 8 percent this month on pressure from falling bond yields, was the top gainer on Friday, with a 2.4 percent rise in its best session since early April.
With all other sectors rallying, the European STOXX 600 rose 1.2 percent, boosting its morning gains when hopes of Chinese plans to spur economic growth spurred risk appetite.
But the benchmark index posted losses for the third week in a row, falling 0.5 percent over the week on concerns of a global recession.
The technology index was up 1.7 percent, driven by chip stocks after Nvidia and Applied Materials made strong gains.
AMS, Infineon and STMicroelectronics rose in a range between 1.2 percent and 2.1 percent.
While all major indices in Europe rose more than 1 percent, the FTSE 100 ended the session 0.7 percent higher, slightly behind other indexes after a technical failure caused power outages on the London Stock Exchange, which led to a halt. Trading for about two hours.
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