European Stocks Bounce Back as RBS Fuels Gains in Banks

(Bloomberg) -- European equities inched higher following sharp losses this week, helped by a rally in banking shares after Royal Bank of Scotland Group announced plans to resume payouts.

The Stoxx Europe 600 Index added 0.3 percent. The benchmark is still poised for a loss of 1.2 percent on the week, the worst since the end of June. Oil stocks were also among the biggest advancers, with the commodity being supported by the risk of Iran blocking the world’s most important crude shipment choke point.

Another busy week of corporate earnings is coming to a close. But weighing on investors’ mood has been the resumption of concerns that the U.S. will boost tariffs against China, curbing global growth. Mining and automaker stocks have been especially damaged by these worries. Basic resources stocks rebounded on Friday.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Blaise Robinson at brobinson58@bloomberg.net

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