© Reuters. Electronic screens show the movement of stock trading on the German DAX index on the Frankfurt Stock Exchange on Friday. Photo: Reuters.
(Reuters) – European shares closed lower on Friday, amid fears that global interest rates will continue to rise for a longer period, while shares in Swiss bank UBS jumped after it announced that it did not need a government guarantee it obtained to acquire smaller rival Credit. swiss.
The European index fell 1.1 percent at the close, and real estate and technology stocks, which are highly sensitive to interest rate movements, led the decline, each falling about 2.1 percent.
Britain’s FTSE 100 index fell 1.2 percent after data showed the economy achieved some unexpected growth in the second quarter, raising fears that the Bank of England (central) will raise interest rates.
The pan-European STOXX 600 was unchanged during the week despite positive earnings reports due to the blow suffered by European banks earlier this week following Italy’s decision to impose a surprise tax on banks.
Shares in Swiss bank UBS rose 4.7 percent after it said it no longer needed the government guarantee it got to bail out smaller rival Credit Suisse.
(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Mahmoud Abdel-Gawad)
2023-08-11 16:51:00
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