European stocks continue to rise, hoping for an easing of inflationary pressures (Getty)
European stocks closed on Friday at their highest level in seven months, supported by stocks of mining and oil companies, while data indicating job growth at a moderate pace in the United States led to Anxiety relief What path will the Federal Reserve take? raise interest rates.
The pan-European STOXX 600 index closed 1.2% higher, at its highest level since May, and posted a weekly gain of 4.6%, its best weekly performance in more than nine months.
Shares of the basic resources sector jumped 2.5% to lead the sector’s indices. Shares of mining companies exposed to China rose amid rising copper prices. Shares of energy companies increased 1.8%, supported by the rise in oil prices.
And absent influencing factors During early trading hours, before stocks gained momentum after data from the United States showed that non-farm payrolls rose by 223,000 jobs in December, less than the previous month’s data, while average wages increased 0.3%, less than previously reported. It is expected and also below the rate of increase in the previous month.
Economic data from Europe boosted sentiment, as retail sales rose in Germany in November, adding to other positive data released this week that suggested the recession would be less than expected and that price pressures in some countries are easing.
European stocks ended last year, recording a decline of more than 12%, after inflation reached levels not seen in decades, and central banks were forced to raise interest rates.
Fears of the country entering an economic recession dominated most of the past year on the markets, but the first days of the new year showed the optimism of investors, which was reinforced by the newly released data, which showed a decline in inflation, and the economy did not slow down as much as was expected.
(Archyde.com, The New Arab)