by Anisha Sircar
(Reuters) – European shares rose nearly 1 percent on Friday, hit by soaring energy prices, overheating inflation fears and further evidence of the European Central Bank raising interest rates next week. High stakes.
Pan-European STOXX 600 rose 0.8%, ending five sessions of losses despite the The index is set for a weekly loss of 3.5% – a third straight weekly decline.
“It will be interesting to see if Europe can sustain today’s rebound given that we are heading into the weekend and not sure if gas will start flowing through Nord Stream 1 again tomorrow,” said Craig Erlam, OANDA senior market analyst.
Suspended supply in August at Gazprom (MCX: GAZP) for three-day maintenance interruption .
“Until natural gas starts to flow, it’s still risky and could make investors a little nervous as we progress through the day,” Erlam added.
Investors sharply raised their interest in large-cap 80 Europe this week following hawkish comments from policymakers and inflation hitting another all-time high in August The central bank will raise interest rates at its meeting next Thursday. [GVD/EUR]
Likelihood of currency market pricing at 80% 80 bps rate hike basis Refinitiv data, compared to less than 50% last Friday.
Credit Suisse shares rose 2.1% after reports that Switzerland’s second-largest bank was considering cutting about 5,000 jobs to reduce costs.
Ryanair rose 0.7% as the Irish low-cost carrier recorded its fourth straight month of record passenger numbers in August.
Philips fell to its lowest level since July 2012 after a subsidiary of the Dutch medical device maker agreed to pay more than $
million to resolve alleged false claims related to breathing-related medical equipment, the U.S. Justice Department said.
Low Volvo Cars sales in August pushed shares of the Swedish automaker down 1.4%.
Miners fell the most, with this Weekly losses were more than 8%, as metal prices were driven by renewed fears that China’s zero-tolerance COVID- policy and interest rate hikes will dent demand for commodities. [MET/L]
All major regional equity markets are poised for weekly declines. Europe’s richest country faces a rising risk of civil unrest in winter due to high energy prices and living costs, according to a risk consultancy.