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European stocks sluggish as COVID-19 cases rise

Published 25/09/2020, 08:31
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Sept 25 (Reuters) - Telecom stocks nudged European stocks
slightly higher on Friday, but the main indexes were on course
for sharp weekly declines as the continent grapples with a fresh
wave of COVID-19 cases.
The pan-European STOXX 600 index .STOXX rose 0.2% by 0715
GMT, with telecom stocks .SXKP jumping 0.8% to lead sectoral
gains.
Spanish telephone operator MasMovil MASM.MC rose 0.7%
after a local newspaper reported that Vodafone VOD.L has
started talks to buy the company. Vodafone gained 1.3%.
France's CAC40 .FCHI fell 0.4% after the country set a new
record of daily COVID-19 infections and prime minister warned on
Thursday that the government could be forced to reconfine areas.
The German DAX .GDAXI slipped 0.3% and UK's FTSE 100
.FTSE was flat.
In a volatile week marked by worries about coronavirus
restrictions hampering the European economic recovery and
continued unwinding of bullish bets in U.S. tech firms, the
STOXX 600 benchmark was set for its worst week in over three
months.
Paris Match publisher Lagardere LAGA.PA surged 10.4% after
billionaire Bernard Arnault revealed he had built up a direct
stake in the firm, which is under siege from several other
investors.

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