European shares rise as miners gain to offset US recession worries

06 Apr, 2023

European shares edged higher on Thursday, heading into a long Easter weekend break, as mining and oil and gas stocks helped outweigh concerns of a US economic slowdown that were triggered by weak data.

The pan-European STOXX 600 index inched up 0.3%.

The basic resources index led the gains, rising 1.1%, while telecommunication shares lost 0.7%.

Wall Street closed lower on Wednesday after data showed private employers hired far fewer workers than expected in March.

German industrial production rose significantly more than expected in February due, in part, to vehicle manufacturing, increasing 2.0% on the previous month.

European shares slip as data signal slower economic recovery

Investors will keep a close eye on a key US jobs report on Friday for more clues on the outlook for global interest rates.

Credit Suisse rose 0.6% after Switzerland instructed the bank to cancel or reduce all outstanding bonus payments for the top three levels of management.

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