European stocks slip but set for strong weekly gain

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 5, 2021. REUTERS/Staff

(Reuters) – European stocks fell marginally on Friday ahead of a key U.S. jobs report, but were on course to end the week higher as investors grew confident in the region’s economic recovery and earnings growth.

The pan-regional STOXX 600 index inched down 0.1% in early trading after four consecutive days of gains that took it to record highs. The benchmark was on course for its best week since early May with a 1.6% gain.

German insurer Allianz rose 2.4% after it posted a better-than-expected 46% jump in second-quarter net profit and provided a rosier outlook for the full year.

London Stock Exchange Group added 2.7% after it reported a rise of 4.6% in revenue for the first half of 2021.

Among notable decliners, German meal-kit delivery company HelloFresh tumbled 7.6% after it lowered its 2021 profitability forecast as a result of higher spending to tap into strong growth.

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