European stocks posted modest weekly gains on Friday, despite closing lower, impacted by sharp losses in the travel and leisure sector following a power outage that led to the closure of Heathrow Airport, one of the busiest airports in the world.
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This decline also came amid escalating global trade tensions, which further fueled investor risk aversion, according to CNBC.
The Stoxx 600 European index dropped by 0.6%, while the European travel and leisure sector declined by 2.1%, with airlines facing significant pressure due to the fallout from the airport’s sudden closure following a massive fire in London.
The French CAC 40 index dropped by about 0.58%, closing at 8,047.46 points, while the German DAX index closed lower by 0.46%, at 22,891.70 points.
The UK's FTSE 100 index also closed down by approximately 0.6%, at 8,654.20 points.
Despite this decline, the European benchmark index managed to achieve modest weekly gains of 0.4%, partly driven by the approval of a significant increase in government borrowing by the German Bundestag on Tuesday, aimed at boosting economic growth and enhancing military spending.
