European Stocks Struggling

European stocks stabilized ahead of data on corporate activities that may shed light on the pace of economic recovery in the continent, while the rise in the pound sterling pushed the British FTSE 100 index to decline.

The Stoxx 600 index of European stocks rose 0.1%, as it is still suffering from the impact of weak US data and pessimistic rhetoric from the Federal Reserve (US Central Bank) that caused selling on Thursday.

The FTSE 100 index of blue-chip stocks fell 0.3% even after data showed that retail sales in Britain rose above their pre-coronavirus level in July, although economists fear the general recovery may be temporary.

Travel and entertainment stocks were the biggest gainer among the sectors, rising 1.2%, but the losses incurred by the financial services and telecommunications sectors pressured the broader index.

Swiss drug maker Novartis gave the biggest boost to the STOXX 600 after the company obtained approval from a US health regulator to reuse a leukemia drug that was reached 12 years ago to treat multiple sclerosis.