European stocks set for fourth week of gains

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany August 12, 2021. REUTERS/Staff

(Reuters) – European stocks scaled new highs on Friday and were on track for their fourth consecutive week of gains on optimism over a strong earnings season and steady recovery from the pandemic-led economic downturn.

The pan-European STOXX 600 index inched up 0.1% by 0712 GMT to hit a record high for the tenth straight session. Retailers and travel & leisure stocks were the top sectoral gainers.

Adidas rose 1.8% after it said it was selling Reebok to Authentic Brands Group for up to 2.1 billion euros ($2.5 billion).

Pet supplies retailer Zooplus shot up 40.4% after it accepted a takeover offer worth around 3 billion euros ($3.5 billion) from U.S. private equity firm Hellman & Friedman.

French healthcare company Ipsen fell 9% after it withdrew a U.S. new drug application for palovarotene, its treatment for an extremely rare disease that causes muscles and tissue to turn to bone.

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