Tech, auto stocks drive bounceback in Europe

  • Reuters
  • Stock Market News
Tech, auto stocks drive bounceback in Europe
Credit: © Reuters.

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LONDON, Oct 12 (Reuters) - European stocks bounced back strongly on Friday from a sharp selloff in world markets, after Asian shares staged a partial recovery overnight.

Euro zone stocks .STOXXE jumped 1 percent with Germany's DAX .GDAXI up 1.1 percent while the FTSE 100 .FTSE gained 0.4 percent.

The main euro zone index was however still set for its biggest weekly fall since February, down 3.7 percent on the week.

Third-quarter results were also beginning to trickle in from European firms, with investors' eyes on Wall Street banks which report earnings later on Friday, formally kicking off the earnings season.

Tech stocks - the worst hit by this week's sudden drop - were the biggest gainers, with the sector index .SX8P jumping 2.4 percent led by chipmakers Siltronic WAFGn.DE , AMS AMS.S , and STMicroelectronics STM.MI .

The growth-sensitive auto .SXAP and mining .SXPP sectors climbed 1.3 to 1.6 percent.

Luxury stocks, which had also suffered sharp falls as investors targeted the most highly-valued parts of the market, climbed too.

Gucci owner Kering PRTP.PA topped France's CAC 40 with a 3.1 percent gain, while LVMH LVMH.PA , Moncler MONC.MI and Salvatore Ferragamo SFER.MI rose 1.7 to 1.9 percent.

Man Group EMG.L shares rose 4.7 percent after the world's largest listed hedge fund reported funds under management increased in the third quarter thanks to investment gains and net inflows. notes also moved some stocks.

Online retailer Zalando ZALG.DE gained 4.3 percent and Asos ASOS.L rose 2.9 percent after Credit Suisse (SIX: CSGN ) analysts said they were confident that in Europe retail brands preferred the two firms' platforms to Amazon AMZN.O . VCTX.L shares fell 2.3 percent after Morgan Stanley (NYSE: MS ) downgraded the stock to "underweight".

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