(Reuters) – Rising bond yields dragged European stocks lower on Friday, but major bourses were set for strong weekly gains as stimulus and vaccination programmes spurred hopes of a solid economic recovery.
The pan-European fell 0.4% in early trading, after a four-session winning streak drove the index to pre-pandemic highs a day earlier.
With the back above 1.6%, investors booked some profits, especially in the tech sector, which was down 1.4%.
Dutch company Prosus (OTC:), which holds a third of Chinese tech giant Tencent Holdings (OTC:), dropped 4.8% as the Chinese market regulator fined 12 companies including Tencent related to deals that demonstrated illegal monopolistic behaviours.
German carmaker Daimler (OTC:) slipped 2.0% after French rival Renault (PA:) sold its entire stake in the company at a discount.
British luxury group Burberry jumped 7.2% to the top of STOXX 600 after saying it had seen a strong rebound in sales since December.
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