July 1, 2022

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European stocks rise at the end of a tumultuous week

European stocks rise at the end of a tumultuous week

LONDON (Reuters) – European stocks rose on Friday, but sharp weekly losses came as major central banks’ persistent interest rates sparked fears of a severe recession. The pan-European Stoxx 600 index rose 0.8 percent in volatile trading, but it is still heading for a weekly decline of 4 percent, which could be worse than early May. Global stock markets are heading for their biggest weekly slump since the epidemic-triggered market crash of March 2020 as they were hit by growing recession fears following rising interest rates in the US and UK, followed by a sharp move in Switzerland. To control inflation. The final euro zone inflation data for May will be released later on Friday. The Stoxx 600 index has fallen about 17 percent so far this year, amid concerns over a worsening outlook for the economy, damage to corporate profits from higher prices and austerity measures by central banks. Oil and gas, technology and retail were among the worst-hit European sectors this week. Among private equities, Britain’s largest retailer, Tesco, fell 0.7 percent as it sees early signs of changing consumer behavior due to rising inflationary pressures. Spain’s Santander Bank has risen 0.5 percent to replace long – serving Jose Antonio Alvarez after appointing Hector Gracie as its new chief executive. Glencore, a London-listed trading and mining company, rose 3.4 percent, well above its long-term annual forecast range, after forecasting that the adjusted half-year operating profit for the trading unit would exceed $ 3.2 billion.