L'Oreal drives gains and UBS says buy stocks in beaten-down European markets

Consumer-good stocks drove gains for European stocks on Friday, after L’Oréal reported better-than-expected results while investors brushed aside downbeat purchasing managers index surveys for the region.

Elsewhere, data showed U.K. consumer confidence fell in October for the third straight month amid deteriorating as expectations for the economy. L’Oreal will likely be able to keep up its outperformance in excess of 1.5 times industry growth helped in part by its “superior digital presence”, diversified exposure and approach to reinvesting, said UBS analysts Guillaume Delmas and Kate Rusanova, in a note to clients.transportation costs is intrinsically limited,” the analysts added.

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