European stocks were higher on Friday, moderately recovering from a U.S. politics-fuelled selloff from the previous day which weighed on major regional benchmarks for the week.
The pan-European Stoxx 600 climbed 0.4 percent, with only the telecom sector in negative territory. The benchmark is facing a loss of 1.3 percent for the week, which will be its first drop in four weeks.
Earnings for European countries increased by an average of 23 percent in the first quarter, according to JPMorgan. European sales growth of ten percent was the strongest globally.
Although gains were spread across, autos were among the best performers. Italian automaker Fiat Chrysler rebounded from the session earlier. There are reports that the U.S. Justice Department is on track to file a civil lawsuit against the company for selling more than 100,000 vehicles that emit excess diesel emissions. Shares of Fiat were more than two percent higher.
U.K.-based drugmaker Hikma was at the bottom of the European benchmark shortly after Friday’s open. Shares of Hikma Pharmaceuticals dropped 4.7 percent after the London-based firm lowered its 2017 revenue guidance, citing lower prices at its generic business and a delay in launching a generic version of GlaxoSmithKline’s Advair Diskus asthma drug.
Europe’s food and beverages sector were also higher on reports of an incoming CEO at Swiss food business company Aryzta. The bakery goods maker said that Kevin Toland is set to join the firm from airport operator DAA. Shares of the Zurich-based company rose more than 1.5 percent.
The material has been provided by InstaForex Company – www.instaforex.com