LIVE MARKETS-Dip in oil helps European stocks

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DIP IN OIL HELPS EUROPEAN STOCKS

European stocks found some short term relief as oil prices dipped on Friday, but with Brent still near $100 a barrel LCOc1 few traders were getting too excited.

The broad STOXX 600 index rose 0.3%, part of a little cross asset rally that also saw bond yields fall. GVD/EUR

Tech and chip stocks were the biggest gainer, up 1.3% helped by a 6% gain in SAP SAPG.DE after its results. Since the company, once Europe's largest by market cap, is still down around 50% from its highs in February last year, long term holders won't be popping the champagne corks just yet.

Sectors once sensitive to tariff news, like autos and healthcare were down a 0.8% and 0.2% respectively, underperforming slightly, though there wasn't much in the way of panic about the latest duties from the U.S.

Economic data was also driving a modicum of optimism. PMI survey data showed euro zone business activity returned to growth in July for the first time in four months, though clearly that predates the run up in oil and gas prices.

British retail sales volumes unexpectedly rose by 1.0% in monthly terms in June, boosted by world cup related spending as well as temperature-induced purchases like fans and air-conditioning units.

(Alun John)

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