MILAN May 19 European shares rose slightly in
early deals on Friday, timidly recovering from heavy losses
suffered earlier this week after U.S. political turmoil fuelled
worries over U.S. President Donald Trump's stimulus plans,
denting risk appetite.
The pan-European STOXX 600 index rose 0.3 percent by 0725
GMT, but was down 1.5 percent on the week, its biggest weekly
loss since early November. Britain's FTSE was up 0.4
percent and euro zone blue chips added 0.3 percent.
While gains were spread across all sectors, pharma stocks
and financials gave the biggest boost to the STOXX with shares
in heavyweight drugmaker Roche up 0.6 percent, helped by
a Barclays price target upgrade, and Spanish lender Banco
Santander up 0.8 percent.
Among the biggest movers was Dufry, up 6.9 percent
after luxury group Richemont bought a 5 percent stake
in the company.
Hikma shares fell 4.9 percent after the drugmaker
trimmed its revenue forecast to account for the delay in its
U.S. generic drug launch.
This week's losses have pulled the stocks down from 21 month
highs hit after a run driven by big fund inflows into Europe,
solid macro data and surprisingly strong corporate earnings.
With 80 percent of European companies having reported so
far, 65 percent of them have beaten expectations and 8 percent
have met them, according to I/B/E/S data. First quarter earnings
growth is seen at 19.4 percent, slightly below the more than 20
percent previously forecast.
(Reporting by Danilo Masoni, Editing by Helen Reid)