European stocks pushed higher Friday, with auto stocks and food producer Nestlé SA among the advancers, but the market was still facing a loss on a weekly basis.
The Stoxx Europe 600 SXXP, +0.63% rose 0.6% to 388.30. All sectors were up, led by the industrial, consumer goods and tech groups.
“Markets are welcoming positivity on the Greek debt front, offsetting that more hawkish Fed stance from mid-week,” said analysts at Accendo Markets in a note.
Greek stocks were higher, with the Athex Index GD, +1.52% up 1.3% after the country’s creditors agreed to release the next tranche of its €86-billion ($96.5-billion) bailout but put off a final decision on relieving Greece’s crushing debt burden until August of next year.
In the consumer goods sector, shares of Nestlé SA NESN, +2.04% were up 1.7% after the company put its U.S. confectionery business up for sale as it grapples with how to cater to U.S. consumers’ increasing demand for healthy snacks.
For the week, the Stoxx 600 was still on course to fall by 0.5%. A loss would stem in part from a selloff in the tech sector during the week, which kicked off in U.S. tech shares including Apple Inc. AAPL, -0.60% . The Nasdaq Composite COMP, -0.47% was looking at a 0.7% weekly decline.
Auto stocks: Germany’s DAX 30 DAX, +0.44% was up 0.5% at 12,750.52, aided by gains among shares of auto makers after new car sales in the European Union rose 7.6% in May. The European Automobile Manufacturers’ Association said sales rose the most in Germany and Spain, but fell in the U.K., the EU’s second-biggest car market.
In Frankfurt, BMW AG BMW, +0.96% tacked on 0.7% and Daimler AG DAI, +0.23% picked up 0.5%. In Paris trade, shares of Renault SA RNO, +1.47% claimed a 1.5% rise and Peugeot SA UG, +1.13% bulked up 1.1%.
France’s CAC 40 PX1, +0.83% jumped 1% to 5,271.73. In focus Sunday will be the final round of voting in the country’s parliamentary elections, and the upstart party led by newly elected French President Emmanuel Macron is expected to win a large amount of seats.
In London, the U.K.’s FTSE 100 UKX, +0.72% gained 0.4% at 7,445.48.