- STOXX 600 down 1% this week
- LVMH up after HSBC recommends 'buy'
- Healthcare, real estate stocks worst weekly performers
- Rubis tumbles on Caribbean woes
Sept 10 (Reuters) - European stocks closed lower on Friday, down more than 1% this week as investors weighed risks from tighter monetary policies after the European Central Bank signalled a slowdown of pandemic-era bond purchases.
The pan-European STOXX 600 index (.STOXX) fell 0.3% and declined for four of five sessions this weekas worries persisted about a slowing global economic recovery.
News of a call between Chinese leader Xi Jinping and U.S. President Joe Biden offered some relief to battered Asian stocks, particularly tech companies that have come under heightened regulatory scrutiny in Beijing. read more
China-exposed miners (.SXPP) were the biggest gainers on the day, up 1.1%
European stocks found support after the ECB stressed it was not about to close the money taps despite projecting higher growth and inflation for the euro zone. read more
"The outcome of the meeting is likely to be supportive in the short term," Unicredit analysts said.
"But even if ECB President Christine Lagarde was cautious in highlighting that the decision was a just a recalibration, a "real" tapering is probably coming next year, provided that economic conditions remain good enough," they added.
European shares have hovered below their mid-August record highs on the back of strong earnings and recovery prospects, but major money houses are sceptical of further gains, particularly in U.S. stock markets that is home to high-growth companies. read more
Data showed Britain's economy unexpectedly slowed to a crawl in July as the Delta variant of COVID-19 spread rapidly. read more
Among other stocks, Fresenius Medical Care (FMEG.DE) dropped 4.8% after J.P.Morgan downgraded the stock to "underweight".
French energy storage group Rubis(RUBF.PA)fell 8.0% and was the biggest decliner on the STOXX 600 after it flagged difficulties in its Caribbean business.
BioNTech (22UAy.DE) rose 2.5% after two executives at the German biotech firm told Der Spiegel the company is set to request approval across the globe for use of its COVID-19 vaccine in children as young as five. read more
Our Standards: The Thomson Reuters Trust Principles.