03.07.202607:34:31UTC+00European Stocks Hit New Highs

European stocks ended higher on Friday, with both the STOXX 50 and STOXX 600 advancing 0.5% to close at new record highs. The rally followed positive sentiment across Asian markets after China’s services PMI beat expectations, while a softer-than-expected US jobs report on Thursday helped ease fears of an imminent Federal Reserve rate hike.

In Europe, Spain’s services PMI also surprised to the upside, signaling robust sector expansion. Italy’s services activity returned to growth as well, though the rebound was slightly weaker than forecast. Technology, industrials, automakers, and utilities led the advance.

Among individual movers, Siemens gained 1.8% after Kepler Cheuvreux upgraded the stock to “hold” from “reduce.” ASML Holding (+1.9%), ABB (+1.8%), Airbus (+1.9%), and Iberdrola (+1.3%) also posted solid gains. On the downside, L’Oréal (-2%) and Kering (-1.9%) ranked among the session’s worst performers.

For the week, the STOXX 50 rose 2.3% and the STOXX 600 added 1.9%, marking their strongest weekly advances in about a month.