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FILE PHOTO: The German DAX index in Frankfurt
For Anisha Sircar, Bansari Mayur Kamdar and Susan Mathew
March 11 (Archyde.com) – European stocks posted their biggest weekly gain of the year as signals from Russian President Vladimir Putin of a positive turnaround in talks with Ukraine helped markets end a volatile week on a firmer floor on Friday.
* The pan-European STOXX 600 index closed 1% higher and broke three weeks of losses, adding 4% on the week as stellar gains in battered stocks offset declines on war concerns and its consequences.
* Putin said on Friday that there had been some progress and “positive turns” in Moscow’s talks with Ukraine, without elaborating, immediately lifting investors’ spirits.
“Investors might find trying to rally on Vladimir Putin’s comments a bit silly, but that’s been the theme of the day,” said Chris Beauchamp, chief market analyst at the online trading platform. IG line.
* The German DAX rose 1.4%, while the Spanish IBEX and the French CAC 40 rose 0.9% each.
* Britain’s FTSE rose 0.8%, bolstered by data showing a strong rebound in the economy.
* On Thursday, the European Central Bank paved the way for an interest rate hike as rising inflation was a bigger concern than the economic fallout from Russia’s invasion of Ukraine.
* Euro zone banks rallied 4.5% this week, the best in two months, after falling almost 19% last week due to their large exposure to Russia.
(Reporting by Anisha Sircar, Bansari Mayur Kamdar and Susan Mathew in Bengaluru; Editing in Spanish by Javier López de Lérida)