European stocks posted their biggest weekly gain since mid-May on optimism that the European Union and the US can clinch some form of trade agreement in the coming weeks.
The Stoxx Europe 600 Index rose 1.1% by the close, with automakers and consumer products stocks outperforming. It advanced 1.3% for the week, the most in six weeks.
Sportswear companies Adidas AG and Puma SE rose after US peer Nike Inc.'s fourth-quarter revenue beat expectations and it said a yearlong sales decline is starting to ease.
Bloomberg reported that European Commission President Ursula von der Leyen told EU leaders behind closed doors she was confident a deal with the US could be reached before the deadline to avoid an economically damaging escalation.
Sentiment was also supported by comments from US Commerce Secretary Howard Lutnick, who said the US and China had finalized a trade understanding reached last month in Geneva. China said it has further confirmed details of a trade framework with Washington.
Source : Bloomberg
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