HomeBusinessEuropean markets look for rebound to end tumultuous week; Stoxx 600 up...

European markets look for rebound to end tumultuous week; Stoxx 600 up 1%

European markets rose on Friday, look for rebound after a volatile week, as global equities reacted to policy tightening by major central banks.
The pan-European Stoxx 600 gained 1.3% by mid-afternoon, with banks gaining 2.7% to lead gains as all sectors and major stocks traded in positive territory.

In terms of individual share price movement, ABN Amro rose more than 12% after Bloomberg reported that France’s BNP Paribas is interested in acquiring the Dutch bank.

Finland’s Nokian Tires jumped more than 9% after raising its net sales guidance for 2022.

The blue-chip European index ended Thursday’s session down 2.5% amid a global stock sell-off as aggressive interest rate hikes enacted by central banks to stem the rise of inflation fueled fears of a recession. Stocks across the continent are down more than 4% for the week.

ECB policy chief Klaas Knot reportedly told Dutch radio station BNR on Friday that several interest rate hikes of 50 basis points could be on the table if inflation worsens in the euro zone. .

Data on Friday confirmed euro zone inflation at an all-time high of 8.1% year-on-year in May.

“The more aggressive line from central banks adds to the headwinds to both economic growth and equities. Downside risks are rising, while achieving a soft landing for the US economy looks increasingly challenging,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.

In the US, the S&P 500 is bracing for its worst week since March 2020 after several key economic data missed forecasts this week, ranging from May retail sales to home construction, compounding fears. Fed-induced recession.

Stock futures rose in early premarket trading on Friday as Wall Street looks to stem the slide.

Stocks in Asia-Pacific were mixed overnight, with Japan leading the losses among major markets in the region. The Bank of Japan decided on Friday to maintain its ultra-loose monetary policy stance, pulling away substantially from global peers.


latest articles

explore more


Please enter your comment!
Please enter your name here