European stocks stabilise after seven-day selloff

European stocks edged higher on Friday, as investors snapped up battered luxury and technology shares after a plethora of concerns including the prospect of elevated U.S. interest rates and slowing European economy roiled sentiment this week. The pan-European STOXX 600 index rose 0.3% after marking a seven-day losing run on Thursday, its longest such streak since February 2018.

European stocks edged higher on Friday, as investors snapped up battered luxury and technology shares after a plethora of concerns including the prospect of elevated U.S. interest rates and slowing European economy roiled sentiment this week.

The pan-European STOXX 600 index rose 0.3% after marking a seven-day losing run on Thursday, its longest such streak since February 2018. French luxury giant LVMH added 0.7% after slumping earlier this week on concerns about sputtering economic growth in China.

STMicroelectronics inched up 0.3% after getting swept up in a chip selloff on worries about China imposing curbs on Apple's iPhones. While the mood marginally stabilised on Friday, the STOXX 600 was still set for a weekly loss of about 0.7% as investors were concerned about the prospect of a European recession and U.S. rates staying elevated.

Saipem rose 1.9% after the Italian energy services group won new offshore contracts worth 850 million euros ($910.18 million). ($1 = 0.9339 euros)