European Stocks Rebound as Stellantis Plunge Drags Auto Sector Down

Europe's STOXX 600 index rose 0.9% on Friday in a broad-based rebound, with defence stocks leading the gains. Stellantis plummeted 25.2%, its biggest single-day drop on record, due to charges of around 22.2 billion euros in the second half of last year. Tech and media stocks gained 1.2% and 0.5%, respectively, but both have been the biggest laggards on the benchmark index this week. Banks rose 1.4%, while weight-loss drugmaker Novo Nordisk gained 5.3% and Norwegian telecom operator Telenor climbed 7.2%.