European stocks closed firmly higher on Friday as the possibility that the US and China will de-escalate their trade war with talks this weekend supported risk-on assets. The STOXX 50 added 0.4% to 5,310 and the pan-European STOXX 600 rose 0.4% to 548. On the policy front, ECB official Olli Rehn stated that the central bank should consider cutting interest rates in the upcoming meeting provided that upcoming forecasts confirm a continued disinflation trend and weakening growth momentum. Consumer discretionary companies and utility providers led the gains after lagging behind in the previous session, with LVMH, BMW, L'Oreal, and Enel all adding more than 2%. Banks were also higher as investors assessed the likelihood of a third Italian lending giant. Mediobanca jumped after beating its Q1 results forecast and signaling the continuation in its bid for Banca Generali, while Banca MPS also gained after delivering strong results and voicing its effort to acquire Mediobanca.
Source: Trading economi
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