* STOXX set for 1.2 pct weekly fall
* Richemont stake buy buoys Dufry
* Hikma sinks on trimmed revenue target
* Greek bailout progress seen lifting stocks
* Brazil-exposed stock steady
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By Danilo Masoni
MILAN, May 19 European shares rose on Friday,
timidly recovering from heavy losses suffered this week after
political turmoil fuelled worries over U.S. President Donald
Trump's stimulus plans, denting appetite for riskier assets.
The pan-European STOXX 600 index rose 0.4 percent by 0823
GMT, but was down 1.2 percent on the week, its biggest weekly
loss since early November. Britain's FTSE and euro zone
blue chips were also up by around 0.4 percent.
While gains were spread across all sectors, financials -
among the most hit by this week's sell-off - gave the biggest
boost to the STOXX with heavyweight banks UBS, Banco
Santander and UniCredit up between 0.6 and
Among the biggest movers was airport retailer Dufry
, up 6.5 percent after luxury group Richemont
bought a 5 percent stake in the company. Hikma shares
fell 3.8 percent after the drugmaker trimmed its revenue
forecast to account for the delay in its U.S. generic drug
This week's losses have pulled the STOXX down from 21 month
highs hit after a run driven by big inflows into Europe, solid
economic 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.
After the latest company updates, however, first-quarter
earnings growth is seen at 19.4 percent, slightly below the over
20 percent previously forecast.
Easing fears about the euro zone's stability after the
defeat of an eurosceptic candidate in the French presidential
vote earlier this month also supported the recent rally.
On the same front, some investors welcomed the latest
developments in Greece where lawmakers approved further
austerity measures overnight, making more progress towards
unlocking bailout funds.
"No doubt averting another Greek crisis or at least another
stand- off between the Greek government and its creditors should
help stocks," London Markets trader Markus Huber said.
Athens stocks were up 0.6 percent.
Elsewhere, companies with exposure to Brazil such as Casino
, Telefonica and Telecom Italia
steadied following losses in the previous session triggered
after a bribery scandal hit the country's president, darkening
the outlook for structural reforms there.
(Reporting by Danilo Masoni)