European stocks steady amid oil rise
European stocks stabilized significantly but are heading for slight weekly losses, as investors await developments in the Middle East war and upcoming economic data from the Eurozone. The STOXX 600 was supported by strong company results and expectations of a 23.4% profit growth in the second quarter. Despite the pressure from geopolitical tensions and a 1% rise in oil prices following threats to impose a blockade on Iran—which raised concerns about oil supplies—tech stocks led the gains, while the basic materials sector declined as investors await employment and GDP data to gain more insights into the region's economic performance.
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