European stocks headed for best weekly advance since March as dip buyers return

European stocks were headed for their best weekly advance since March due to investors returning to risk assets, lured by cheaper valuations.

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The Stoxx Europe 600 Index added 0.6% by 9: 57 a.m. in London. The UK government announced windfall tax plans on oil and gas companies on Thursday caused consumer and tech sectors to perform poorly, while utilities and energy shared lagged.

READ: Big Dividend Payers May Be Next After UK Windfall Tax on Energy

Dip buyers returned this week after being under pressure this year due to concerns over the war in Ukraine and the fears of central bank tightening. Citigroup Inc. strategists recommend buying European shares after the selloff on their appealing valuations compared to the US after a steep global selloff.

READ: It s going to get harder for UK Stocks to keep outperforming.

Some of the largest Chinese technology companies beat sales estimates, boosting tech shares in the country, added to the positive sentiment. The Stoxx 600 is poised for a gain of 2% this week, the biggest gain since mid-March.

Nieves Benito, head of fundamental research at Santander Asset Management said it was a positive week that could show markets have started to stabilize with equities already repriced. Markets have already priced in central banks tightening paths and China is showing more support, so we see more certainty than weeks ago when volatility was so high. READ: Stock Funds See Biggest Inflows in 10 Weeks as Dip Buyers Return

European stock funds had outflows of $200 billion, their fifteenth week of redemptions, according to Bank of America Corp. in the week to May 25, according to EPFR Global data. The dip buyers returned and investors added $20 billion to global stock funds in the week.

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