Home WORLD-NEWS European equities after global sell-off on recovery concerns zorgen

European equities after global sell-off on recovery concerns zorgen

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The pan-European Stoxx 600 closed 1.3% higher, but was barely higher this week. The index was down nearly 2% on Thursday, while retailers fell 3.2%.

Mining stocks led gains on Friday, up 4%, with most sectors and major exchanges in the dark. Travel stocks also rose, rising 1.3% after news that the UK is easing some of its quarantine rules.

The UK government said double-vaccinated people may travel without self-isolating on their return, unless they are traveling from a high-risk country. The government also said it is working to lift the quarantine rules for double-vaccinated people visiting the UK

Shares in Asia-Pacific fell Friday on renewed concerns about Covid. In Japan, the Nikkei took 225 losses in key markets in the region as it fell 1.7% in afternoon trading, while the Topix index lost 1.48%.

On Wall Street, meanwhile, key US averages rose on Friday, rebounding from the losses of the previous session.

The organizers of the Olympic Games will ban spectators from the upcoming summer games in Tokyo after Japan declared a state of emergency in the city on Thursday as the country sees the number of Covid-19 cases rise. The state of emergency will last until August 22.

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Back in Europe, G-20 finance ministers and central bank governors meet in Venice, Italy, to discuss taxes and the economic recovery.

On the data front, flash GDP data showed the UK economy grew more slowly than expected in May, up 0.8% from the previous month.

Looking at individual stocks, Porsche rose 6.1% to the top of the Stoxx 600, while Demant fell 9.3%.

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– Eustance Huang of CNBC contributed to this report.

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