2023-07-08 06:15:00
The Stoxx 600 index changes its direction in the Friday session after the release of the US jobs data
Dubai – Al Arabiya.net
Posted on: July 08, 2023: 10:15 AM GST Last updated: July 08, 2023: 11:32 AM GST
European stocks achieved slight gains in trading on Friday after the release of data showing a slowdown in job growth in the United States, which calmed some fears that the Federal Reserve (the US central bank) would raise interest rates, but provided little support to improve the worst weekly performance of the “Stoxx 600” index in… about four months.
And the “European Stoxx 600” index rose 0.1%, as it changed direction during the session, after data showed that the US economy added in June the least number of jobs in two and a half years.
However, the continuation of strong wage increases in the United States indicated a continued labor shortage in the market, which increases bets that the US central bank will resume raising interest rates later this month, according to Archyde.com.
The Stoxx 600 index fell 3.1% this week, its worst weekly performance since mid-March, and the chemicals sector index rose 1.6%.
Sectors including construction and raw materials, health care, and travel and tourism topped the weekly decline, each losing more than 4%, while the real estate index remained the only winner, rising 0.4% during the week.
Coca-Cola shares jumped 5.1% after the company raised its profit forecast for 2023.
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