European shares notch up strong week as earnings cushion tech sell-off
European shares rose on Friday to wrap up their best week since late June, during which strong earnings helped cushion a rout in AI -linked stocks. Dublin The Irish index of shares ended the week on a positive note, with the Euronext Dublin up 0.7 per cent to close near 14,188. Kenmare Resources, is the subject of a potential bid by a company controlled by the Abu Dhabi royal family, saw its shares rise more than two per cent on Friday, bringing it to a total gain of almost 6 per cent over the week. Banking shares also ended the week in positive territory. AIB rose 1.25 per cent to end the week at €10.95, a weekly gain of more than 1 per cent. Bank of Ireland , meanwhile, was 3.5 per cent up on the day, with a weekly gain of 2.75 per cent. Insurer FBD also notched up a gain, ending the week at €19.50. Ryanair also gained on Friday, but the 1.56 per cent it added over Friday’s session was not enough to push it out of a weekly loss. Food stocks were mixed, with Glanbia down almost 1 per cent while Kerry Group added almost half a per cent. Insulation specialist Kingspan notched up a weekly loss of more than 3 per cent after Friday’s trade saw shares sink 2.6 per cent. London The export-heavy FTSE 100 closed 0.38 per cent higher at 10,881.90 points, logging a weekly gain of 3.1 per cent, the biggest since early April, while the midcap FTSE 250 gained 0.45 per cent. Consumer staples supported gains. Cigarette maker British American Tobacco rose 2.1 per cent, while Johnnie Walker owner Diageo gained 1.9 per cent The beverages and medical equipment and services sectors advanced 7.8 per cent and 6.9 per cent, respectively, in the week. Home builders jumped more than 6 per cent in the week but banks were muted on Friday, recovering from early losses triggered by a report that lenders were likely to be taxed in the budget Defence stocks extended a strong run on the day: BAE Systems and Babcock International rose 2.6 per cent and 3.6 per cent, respectively Europe The pan-European STOXX 600 index rose 0.7 per cent to 644.74 points, touching the highest in over three weeks. The benchmark was up more than 2 per cent for the week. A sell-off in high-flying tech names on concerns over increased reliance on debt to develop AI infrastructure, alongside worries about competition from China, battered tech stocks this week. However, strong results from computer chip equipment maker ASML, chip systems supplier Aixtron and telecom gear maker Ericsson have helped sentiment. Aixtron advanced 6 per cent after beating order intake estimates for the third quarter and confirming annual guidance. Nordex soared 12.3 per cent after the onshore wind turbine maker posted a better-than-expected third-quarter core profit and lifted its full-year margin forecast. Schneider Electric shares reversed earlier gains and were last down 1.8 per cent after the industrial group raised its 2026 core profit and revenue targets for the second time. Among other movers, Nestle gained 1.7 per cent after JPMorgan upgraded the Swiss food and drinks group to an “overweight” rating. New York The final stretch of a jittery week on Wall Street saw stocks falling amid a technology sell-off that has left investors questioning the prospects for the artificial-intelligence trade. Tech weakness weighed on the S&P 500 despite gains in most of its shares. The Nasdaq 100 slipped 1.5 per cent. CoreWeave sank 10 per cent, resuming a rout fuelled by worries over whether the massive buildout of AI infrastructure has outrun the ability of companies to get a return on their investments. A renewed advance in oil prices also weighed on sentiment, lifting Treasury yields. The S&P 500 fell 0.5 per cent in early afternoon trading in New York, with the Nasdaq 100 down 1.5 per cent. The Dow Jones Industrial Average was little changed. – Additional reporting: Reuters, Bloomberg