European Stocks Post Best Weekly Gain Since June Amid Biden Lead
(Bloomberg) -- European equities edged lower, still closing out their best weekly gain since early June, as Democrat Joe Biden was on the cusp of presidential victory in the U.S.
The Stoxx Europe 600 Index was down 0.2% at the close, led by declines in carmakers and banks. Insurers outperformed after a takeover offer for RSA Insurance Group Plc and upbeat earnings in the sector. Luxury jewelery maker Richemont surged after a sales rebound in China.
European stocks were up 7% for the week, with Biden on the brink of claiming the U.S. presidency even as Donald Trump opened legal fights in some states. Better-than-expected October payrolls data also boosted the market mood on Friday.
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