19.06.202607:33:34UTC+00European Stocks Set to Book Weekly Gains

European stocks ended Friday mixed, with the STOXX 50 up 0.4% and the broader STOXX 600 roughly unchanged, as momentum from a six-session rally appeared to fade. Investor attention remained fixed on geopolitical risks after planned US–Iran talks in Geneva were called off, casting doubt on the chances of a peace deal and a potential reopening of the Strait of Hormuz. The developments helped nudge oil prices modestly higher.

Against this backdrop, energy and defense stocks outperformed, while miners and utilities underperformed. Among individual movers, Novartis and AstraZeneca gained 1.1% and 1.5%, respectively. Luxury group LVMH advanced 1.6%, and oil majors TotalEnergies and BP rose 1.0% and 1.4%.

On the downside, ASML Holding dropped 1.7% after Bloomberg reported that US officials are concerned one of the company’s chipmaking machines may have been transferred to China, potentially breaching US-led export controls.

On a weekly basis, the STOXX 50 is up 2.1%, while the STOXX 600 has added 0.6%.