By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Europe's benchmark stock index headed
for a third-straight week of gains on Friday, with Valeo SA
rallying after reporting earnings, and BAE Systems PLC and Rémy
Cointreau SA climbing after broker upgrades.
The Stoxx Europe 600 index added 0.2% to 335.28, setting it on
track for a 0.6% weekly advance.
The index broke a four-day winning streak on Thursday after
disappointing Chinese manufacturing data stirred renewed concerns
about slowing growth in emerging markets. In January, China's
manufacturing purchasing managers' index also missed expectations
and partly triggered a global market rout, where especially
emerging-market currencies were hit hard.
In Friday's trade, shares of Valeo rallied 10% after the French
auto-parts maker said profit rose 18% in 2013.
Rémy Cointreau SA gained 5% after Barclays lifted the spirits
maker to overweight from equal weight. The analysts said it is the
drinks maker most-geared toward China and will benefit from "low
penetration rates and attractive wealth demographics" in the
country.
Shares of BAE Systems (BAESY) added 1.3% after Société Générale
lifted the aerospace and defense firm to buy from hold, according
to Dow Jones Newswires. On Thursday, the U.K. company dropped 8.3%
after posting a fall in 2013 profit.
Shares of AXA SA slipped 2.2% after the insurer posted full-year
profit below market expectations.
On the data front in Europe, investors waited for U.K. retail
sales due at 9:30 a.m. London Time, or 4:30 a.m. Eastern Time. In
the U.S., existing home sales are likely to grab the attention when
they are released at 3 p.m. London time. U.S. stock futures pointed
to a higher open on Wall Street.
In Europe, the U.K.'s FTSE 100 index gained 0.5% to 6,844.15,
France's CAC 40 index was slightly lower at 4,354.66, and Germany's
DAX 30 index fell 0.1% to 9,609.71.
The Frankfurt benchmark was weighed by Deutsche Bank AG, (DB)
off 0.6%, and Siemens AG (SI), 0.4% lower.
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