European stocks track Asian equities higher

European stocks inched higher on Friday, tracking a positive trading session in Asia, even as investors weighed risks from tighter monetary policies after the European Central Bank signalled a slowdown of its pandemic-era bond purchases.

The pan-European STOXX 600  index was up 0.2%, as of 0710 GMT, but was still on course to end the week lower amid worries over global economic slowdown.

News of a call between Chinese leader Xi Jinping and U.S. President Joe Biden offered some relief to battered Asian stocks, particularly tech companies that have come under heightened regulatory scrutiny in Beijing.

Miners and technology stocks were the top sectoral gainers in Europe, while telecoms fell the most.

French luxury goods maker LVMH gained 1.8% after HSBC recommended buying the stock, while Fresenius Medical Care  dropped 4% after J.P.Morgan cut rating on the stock to “underweight”.

The FTSE MIB climbed down by  0.01% to 25,912.30. In the cash markets, the DAX  Germany was trading down 0.06%  to 15,633.65. CAC 40  in France  rose  by 0.32 % to 6,706.22 while the FTSE 100  in the U.K. were up by 0.35% to 7,048.35. ,at the time of writing.

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