European stock markets pared losses on Friday, with the STOXX 50 and STOXX 600 closing down 0.8% and 0.9%, respectively, after plummeting as much as 1.9% earlier in the session. Investor sentiment improved following President Trump's statement that high tariffs on Chinese goods were unlikely to last long, signaling a potential easing of US-China trade tensions ahead of his meeting with Chinese President Xi Jinping.
However, banking stocks remained under pressure, led by Deutsche Bank (-5.9%), Societe Generale (-4.6%), BNP Paribas (-3.7%), Banco Santander (-3.2%), and UniCredit (-2.6%), as concerns about credit stress at regional US banks reignited fears of a broader impact on the sector. Rheinmetall also fell 6.5% amid China's tightening export controls on military rare earth metals. On the earnings front, EssilorLuxottica surged more than 12% after reporting record Q3 sales, while Volvo fell 7% after citing "difficult market conditions in North and South America" as weighing on its performance. (alg)
Source: Trading Economics
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