BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks rebounded on Friday, after having suffered their steepest single-day loss in over two weeks amid elevated oil prices and concerns over heavy AI spending.
Traders bought the dip as Brent crude futures slumped nearly 4 percent below $97 a barrel after rising above $100 a barrel on Thursday following Houthi attacks on tankers in the Red Sea.
The British pound strengthened against the dollar and euro after official data showed U.K. retail sales grew unexpectedly in June.
Retail sales increased 1.0 percent in June, following a rise of 1.2 percent in May as warm weather boosted outdoor product sales. Economists had forecast sales to fall 0.3 percent in the month.
On a yearly basis, retail sales increased 4.2 percent from the previous year, faster than the 3.5 percent increase seen in May.
The pan-European STOXX 600 was up half a percent at 642.32 after falling 1.2 percent on Thursday.
The German DAX surged 0.8 percent, France's CAC 40 added 0.3 percent and the U.K.'s FTSE 100 rose 0.4 percent.
British polymer producer Victrex rose nearly 2 percent after announcing management changes.
HSBC Holdings advanced 1.3 percent after the lender agreed to sell its Singapore life and health insurance business to Allianz.
DiscoverIE Group skyrocketed 13 percent. The customized electronics designer and manufacturer said that orders surged 31 percent organically and sales rose 6 percent year-on-year in Q1.
Precision engineering group Renishaw rallied 6.6 percent. The company said it expects annual profit to come in ahead of expectations.
German enterprise software giant SAP jumped 6 percent after posting higher revenue in its latest quarter.
Workforce management software company ATOSS Software surged 4.3 percent on reporting increased revenue and profit in the second quarter.
Automaker Volkswagen dropped 1 percent after reporting weaker-than-expected second-quarter profit and cutting its sales and car delivery forecasts for the year.
Swedish lock and access solutions group Assa Abloy gained 1 percent after it acquired Classic Brass Inc in the United States.
Securitas plummeted 11 percent after the security services company reported lower-than-expected second-quarter core profit.
France's Sanofi fell 2.2 percent after it decided to stop the clinical development of amlitelimab for moderate-to-severe atopic dermatitis following mixed phase 3 trial results.
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