February 7, 2023

Dubai Week

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Wall Street falls as oil boom and key stocks fall by Reuters

European stocks rise on encouraging US data released by Reuters

© Reuters. A screen shows data for the German DAX on the Frankfurt Stock Exchange on Friday. Reuters photo.

(Reuters) – European stocks recorded their best weekly performance since mid-March, rising significantly on Friday after lower expectations of bullish US data and large interest rate hikes.

The European index rose for the third consecutive session to 1.5 percent, bringing its gains to three percent in a week. The German index rose 1.6 percent to close at its highest level in more than a month.

Technology stocks gained as much as 3.3 percent across sectors.

A rally on Wall Street, driven by retail and technological revenues and bullish consumer spending data for April, eased some concerns about a slowdown in economic growth, which casts a shadow over markets. Data also show that US inflation has been low for the past month.

Bank shares rose 6 percent this week as major central banks continued on a path of raising interest rates.

The Stoxx 600 index is on a downward trend towards the end of May, rising only in March this year.

The FTSE index in London traded lower on Friday as energy stocks continued to plummet, with companies worried about a possible tax on profits.

LSL Property Services Inc. fell 4.2 percent after rising inflation hit its annual profit margin.

(Produced by Muhammad Ali Farrak for the Arab Bulletin – Editing by Ahmed Hassan)

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