European stocks head for third straight weekly gain

European stocks climbed Friday, on track for a third straight weekly gain, as the market rides the prospect of more stimulus from the European Central Bank.

The Stoxx Europe 600 SXXP, +0.95% gained 1% to 373.81, hovering at a two-month high. All sectors advanced, led by the telecommunications, industrials and consumer-services groups.

But standing out among individual decliners was Denmark’s Moller-Maersk A/S MAERSKB, -8.55% with shares down 8.6% as the shipping company cut its full-year profit forecast. Global market conditions had been weaker than expected, especially in container shipping, said Maersk.

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