European Stocks Stabilize After Strong Week

European stocks stabilized today, Monday, after the benchmark index recorded its largest weekly jump since March, while Ryanair's share achieved its best performance in a month following record annual profits. The Stoxx Europe 600 index rose 0.1% by 08:10 GMT after jumping more than 3% last week, as investors were buoyed by a series of strong earnings and indications of an end to monetary policy tightening by major central banks. Ryanair's shares soared by 5.8% after the largest airline in Europe by passenger numbers projected record annual profits and promised regular dividends, lifting the travel and leisure sector index by 1.3%. Telecom Italia's stock gained 2% after the approval of a sale of its fixed-line network for 19 billion euros ($20 billion) to the American private equity firm KKR. Meanwhile, Evotec's shares fell by 2.6% after the bank BRC downgraded the rating of the German biotechnology company.