European shares post best week since June as earnings offset tech sell-off

European shares rose on Friday 16 October and posted their best week since late June. Company results helped offset a global sell-off in technology stocks, The Irish Times reported.

The pan-European STOXX 600 closed 4.58 points, or 0.72%, higher at 644.74, according to Dow Jones Market Data. It gained 2.09% over the week, its largest weekly percentage rise since the week ending 3 July. The index is 2.39% below its record close of 660.51, set on 11 August.

London’s FTSE 100 rose 0.38% to 10,881.90, Il Sole 24 Ore Radiocor reported. Frankfurt’s DAX gained 0.94% to 25,622.42 and the Paris CAC 40 added 0.28% to 7,956.55. Milan’s FTSE MIB rose 0.93% and Madrid’s IBEX 35 gained 0.82%.

The Irish Times said a sell-off in technology stocks during the week was driven by concerns about debt used to fund AI infrastructure and by competition from China. Results from ASML, Aixtron and Ericsson helped sentiment. Wind turbine maker Nordex rose 12.3% after its third-quarter results.

Radiocor said investors also lowered their expectations of further US rate rises after Federal Reserve chair Kevin Warsh spoke in Bangkok.

Eurostat confirmed on Friday that annual inflation in the euro area rose to 3.8% in September from 3.2% in August.

The UK’s Office for National Statistics is scheduled to publish September consumer price inflation on Wednesday 21 October at 7am UK time.