European equities rebounded as the eurozone flash composite PMI for August reached its highest level since November last year, with new orders expanding, particularly in manufacturing, and export orders recovering. The STOXX Europe 600 rose 0.59% to 654.15, although it remained down 0.56% for the week, its second consecutive weekly decline. A separate Friday-market account reported the Euro STOXX 50 up 0.6% at 6,458 and the STOXX Europe 600 up 0.5% at 653, with the indexes still down 1.3% and 0.6%, respectively, for the week. Banks and luxury stocks supported the rebound: Santander gained 2.7%, BNP Paribas, Deutsche Bank, BBVA and Nordea rose more than 1%, and LVMH, Adidas, Hermès and Ferrari advanced between 1.5% and 2.3%. Resources also led the newer session, with Endeavour Mining up 4.1% and Antofagasta 5.4% as gold and copper prices rose. London’s FTSE 100 gained 0.64% to 10,816.56 and rose 0.62% for the week, while the FTSE 250 advanced 0.86% on the day but fell 0.60% for the week. Gamma Communications surged 11.6% on early-stage acquisition talks with a Dutch private equity firm. Inflation and market sentiment remained pressured by U.S.-Iran tensions, higher oil prices and uncertainty over reopening the Strait of Hormuz, while markets priced in more than a 90% probability of an ECB rate increase in September and at least one additional hike before year-end.