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European stocks hit weekly high amid gains

European stocks hit weekly high amid gains

European stocks rose today, ending their best week since late June, supported by strong earnings reports that helped offset the impact of a wave of selling in global technology shares. The Stoxx 600 index increased by 0.7% to 644.74 points, marking an over 2% weekly gain. Despite pressures on technology stocks due to concerns about debt dependence and Chinese competition, results from companies like ASM International, Aker Solutions, and Ericsson, along with profits from firms such as Nordea, contributed to improved sentiment and elevated expectations for third-quarter earnings, which are forecasted to rise by 20.7% compared to the same period last year. Additionally, data support expectations for higher profits in the Stoxx 600, while inflation in the Eurozone remains at 3.8%, above the European Central Bank's target of 2%.

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