FX.co ★ European Shares Edge Higher, Still Down on Week

European stocks edged higher on Friday, with the STOXX 50 increasing by 0.3% and the STOXX 600 inching up 0.2%, following a subdued session the day before. Despite this modest recovery, both indices were set to conclude a turbulent week with losses. This reflects ongoing concerns about overvaluation in AI-related stocks and the ongoing assimilation of recent corporate updates. ITV shares soared by nearly 20%, topping the STOXX 600, after the company confirmed negotiations to sell its media division to Sky for £1.6 billion. Performance among major companies was mixed: ASML Holding rose by 0.3%, LVMH increased by 0.3%, SAP climbed 0.8%, Hermès saw a 1.5% gain, and Siemens advanced by 0.6%; however, L’Oréal dipped by 0.2%. Novo Nordisk dropped 1.8% after increasing its bid for Metsera, while AstraZeneca fell 0.7% following strong gains the previous session. IAG was one of the worst performers, plummeting 6.9% after reporting a decline in net profit and stagnant revenue. Over the week, the STOXX 50 declined by 1%, and the STOXX 600 decreased by 0.7%.