Tech Surge Lifts European Markets Amidst Geopolitical Calm

Tech shares led gains in Europe, pushing the benchmark stock index to a one-week high. This marks the first weekly advance in five weeks, as tensions over Ukraine-Russia eased and demand for safe-haven assets increased. Meanwhile, other stocks like Games Workshop Group saw significant rises.

On Friday, tech shares propelled European markets to new heights, marking a one-week high for the benchmark stock index. Investors appeared to catch a break from the recent selling pressure driven by geopolitical tensions, which had kept markets on edge.

The STOXX 600 gained 0.6% by 0815 GMT, continuing its upward trajectory despite earlier losses spurred by fears over potential fallout from proposed tariffs by U.S. President-elect Donald Trump. Notably, the tech sector, led by chip stocks, has shown resilience, benefiting from upbeat forecasts by companies like Nvidia.

Outside the tech sphere, Games Workshop Group saw a 12% jump following a promising trading update, while Brenntag climbed 3.3% after receiving an upgrade from analysts. Conversely, shares in Thales dropped 4% amidst an ongoing fraud investigation. The euro zone's upcoming PMI figures could provide additional insight into the region's economic prospects.

(With inputs from agencies.)