European shares recovered on Friday as investors licked their wounds after a tumultuous week and strong results from Vivendi boosted the media sector.

The pan-European stocks index was still on course for a weekly loss after two straight weeks of gains, though, as Brexit chaos, Italy's budget showdown with the European Commission, and anxious oil markets sapped the risk appetite.

The STOXX 600 was up 0.7 per cent by 0830 GMT, with Germany's DAX up 0.6 per cent. Britain's FTSE 100 and FTSE 250 both recovered, rising 0.6 per cent after Thursday's sharp selloff in domestic stocks on ministerial resignations.

The tech market lagged the market with the weakest sectoral performance, up just 0.3 per cent, after disappointing results from US chipmaker Nvidia, the latest in a string of negative news for tech components producers.

Strong results from French media company Vivendi helped boost the media sector up 1.5 per cent, the top gainer. Vivendi shares climbed 4.7 per cent after the firm reported stronger than expected third-quarter sales, helped by growth at its Universal Music Group (UMG) arm. It also said it was lining up banks for a possible sale of part of the UMG division.

ABB shares gained 3.3 per cent after sources said the Swiss industrial firm is in talks with three Asian suitors for the sale of its power grids business. Shares in British pharmaceuticals firm AstraZeneca fell 2.5 per cent after its lung cancer drug Imfinzi failed a key study.

Chocolate producer Barry Callebaut fell 3.7 per cent, the biggest faller in Europe, after members of the majority stakeholder Jacobs family sold 150,000 shares, amounting to 2.7 per cent of the company.

Outside the large-cap space, Danish industrial component maker NKT plunged 21 per cent after it slashed its full-year earnings outlook and its CEO Michael Hedegaard left the company. Shares in the maker of the Angry Birds mobile game, Rovio Entertainment, jumped 9.8 per cent after its third-quarter results.

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