European stocks are up but could see sharp weekly decline due to rising COVID-19 cases

European stocks are up but could see sharp weekly decline due to rising COVID-19 cases

European stocks are up but could see sharp weekly decline due to rising COVID-19 cases

(Reuters) – European stocks strengthened in the wake of the telecom sector on Friday, but major indices could see sharp weekly declines amid rising COVID-19 cases in the region.

The pan-European STOXX 600 index strengthened 0.15% at 10.49 Moscow time, while telecom shares gained 0.94%.

Spanish mobile operator MasMovil rose 0.2% after a local newspaper reported that Vodafone (LON: VOD) had begun negotiations to buy the company. Vodafone shares rose 1.5%.

France's CAC40 is down 0.45% after the country set a new daily record for new COVID-19 cases and the prime minister warned on Thursday that the government might be forced to reintroduce lockdowns in parts of the country.

Germany's DAX shed 0.2%, while Britain's FTSE 100 gained 0.2%.

Following a volatile week, marked by concerns about coronavirus restrictions stalling the recovery of the European economy and the ongoing correction in the American tech sector, the STOXX 600 may post its worst weekly result in more than three months.

Shares in French media group Lagardere, which publishes Paris Match magazine, jumped 22.6% after billionaire Bernard Arnault announced that he had acquired a direct stake in the company, in which several other investors are competing.

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(Shruti Shankar in Bangalore, translated by Elizaveta Zhuravleva. Editor Anna Kozlova)

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