Europe: Stocks end week with gains on telecoms, tech boost

Data showed US jobs increased by a better-than-expected 1.763 million in July, although the pace of recovery slowed amid a resurgence in new coronavirus infections, pressuring the White House and Congress to agree another aid package.

With the bulk of the European earnings season over, investors were relieved that most companies had exceeded analysts' much-lowered forecasts for quarterly profits. Refinitiv data showed about 60 per cent of the STOXX companies that have reported so far beat estimates. Deutsche Telekom, which owns 43 per cent of T-Mobile , rose 2.7 per cent after the US firm added more monthly subscribers than expected in the second quarter and said it surpassed rival AT&T.

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