AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Follow us

European shares marked their best week since mid-March, ending Friday on a strong note as upbeat U.S. data and easing bets about aggressive interest rate hikes lifted sentiment.

The pan-European STOXX 600 index rose for a third straight session, closing up 1.5%, taking weekly gains to 3%. Germany’s DAX ended at an over one-month high, up 1.6%.

Technology stocks led gains among sectors, up 3.3%, while industrials and luxury stocks were among the biggest boosts to the STOXX 600.

A rally on Wall Street on some strong retail and technology earnings and upbeat consumer spending data for April, helped calm some worries about slowing economic growth that had roiled markets. Data also showed U.S. inflation slowed last month.

Banks shone this week, up 6% as major central banks stayed on course to hike interest rates.

Central banks have adopted a tightening stance to fight surging inflation, leaving investors worried about a likely hit to economic growth, but equity markets found some respite on signs monetary policy may not be more aggressive than indicated.

Minutes of the U.S. Federal Reserve’s early May meeting showed the bank could pause after 50 basis points hikes in the next two months.

“Markets feel a little happier that they know where things are going to go, and also that there’s going to be a real focus from central banks to make sure that they do take a measured approach … to create this soft landing to prevent economies from going into recession,” said Danni Hewson, financial analyst at AJ Bell.

Investors are watching for any updates from the European Central Bank, which is expected to begin its hiking cycle in July. Chief Christine Lagarde signalled rates, currently at -0.5%, will be at 0% or above by September.

Worries about the Russia-Ukraine war further fuelling energy prices, and concerns about demand from China amid COVID-19 curbs, have also weighed on stocks recently.

The STOXX 600 is on track to end May lower, leaving March as the only month it rose this year.

London’s blue-chip FTSE 100 underperformed on Friday as energy stocks tracked oil prices lower, and as utilities worried about a potential windfall tax.

LSL Property Services slipped 4.2% after it said surging inflation would hit annual profit.


Comments are closed.

European shares end strongly on upbeat U.S. data

Imran Khan seeks power even if it undermines country's foundations: PM Shehbaz

Pakistan 'verifying reports' over IS-K claiming attack on Kabul embassy

CM Punjab Parvez Elahi says 'Gen Bajwa showed us way towards PTI'

Fawad says PTI ‘preparing for elections’ as Imran withdraws offer for talks

Tweets case: Quetta court approves Azam Swati’s five-day physical remand

Russia will not export oil subject to Western price cap, says deputy PM

PTI in front seat in second phase of AJK local govt polls

Air pollution hurts Bangladesh GDP as well as health: World Bank

India plans federal oversight of all real-money online games

PM Shehbaz felicitates people of Sindh on culture day celebrations