Oil relief lifts European stocks, telecoms a weak spot

European stocks recovered on Friday as oil prices eased on hopes of a pause ‌in the Middle East war, while telecom stocks slid after SpaceX's deal to acquire a nationwide spectrum portfolio caused ripples in the sector.

The pan-European STOXX 600 ‌index climbed 0.8% to 630.47 points by 0718 GMT. The index closed at ‌a near four-month low on Thursday as a surge in oil prices and bond yields turned investors away from risky assets.

Oil prices dipped nearly 1% on Friday as Middle East supply concerns ⁠eased ​after US President ⁠Donald Trump said it will not attack Iran before US elections next month, offering relief to ⁠worries of elevated oil prices sparking inflationary pressures and forcing major central banks to aggressively ​tighten monetary policy. Euro zone bond yields also pulled back after ⁠touching multi-decade highs in recent days when investors grappled with concerns around inflation and soaring government ⁠debt ​burdens.

Most European sectors rose on Friday but the telecom index stumbled 2.7%. Deutsche Telekom fell 7% after SpaceX struck a deal to acquire a nationwide ⁠low-band spectrum portfolio, mounting a direct, orbital challenge to legacy wireless giants across the ⁠United States.

Deutsche ⁠Telekom holds a 54% stake in T-Mobile US, which slid 6% in after-hours trading. Britain's Vodafone dropped 3.5%, while France's Orange ‌fell 2.4% ‌and Telefonica dipped 2.3%.