European stocks set for fourth week of gains

European stocks scaled new highs on Friday and were on track for their fourth consecutive week of gains on optimism over a strong earnings season and steady recovery from the pandemic-led economic downturn.

The pan-European STOXX 600 index .STOXX inched up 0.1% by 0712 GMT to hit a record high for the tenth straight session. Retailers .SXRP and travel & leisure stocks .SXTP were the top sectoral gainers.

Adidas ADSGn.DE rose 1.8% after it said it was selling Reebok to Authentic Brands Group for up to 2.1 billion euros ($2.5 billion).

Pet supplies retailer Zooplus ZO1G.DE shot up 40.4% after it accepted a takeover offer worth around 3 billion euros ($3.5 billion) from U.S. private equity firm Hellman & Friedman.

French healthcare company Ipsen IPN.PA fell 9% after it withdrew a U.S. new drug application for palovarotene, its treatment for an extremely rare disease that causes muscles and tissue to turn to bone.
Source: Reuters (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)