FX.co ★ European Stocks Reverse Gains

On Friday, European stocks shifted from an initial uptick to a downturn, with both the STOXX 50 and STOXX 600 declining by 0.3%, continuing their downward trend from the previous session and poised for a weekly downturn. Market sentiment was overshadowed by ongoing concerns regarding AI stock valuations and a series of corporate announcements. Rightmove plummeted nearly 12%, marking the lowest point on the STOXX 600, after announcing that revenue growth is expected to remain stagnant in 2026. Similarly, IAG saw a 7.3% decrease following reports of a drop in net profits alongside stable revenue figures. Meanwhile, Novo Nordisk slipped by 2.3% after increasing its bid for Metsera and revealing an agreement with former US President Trump to lower prices on select obesity medications. Conversely, ITV experienced a significant surge of almost 15% upon confirming negotiations to divest its media segment to Sky for £1.6 billion. Automotive makers also saw gains, as Volkswagen climbed 2.2%, BMW by 2.1%, and Mercedes-Benz by 1.2%, buoyed by reports that China has lifted its export restrictions on Nexperia chips. Over the week, the STOXX 50 fell by 1%, while the STOXX 600 declined by 0.7%.