© Reuters. Screens display data for the German DAX index at the Frankfurt Stock Exchange on Friday. Photography: Reuters.
(Reuters) – European stocks closed higher on Friday after a turbulent week, weighed down by gains in US stocks, but recorded weekly losses, while a stronger-than-expected US jobs report indicated that interest rates may remain high for longer, raising bond yields.
The index rose 0.8 percent on Friday, with Wall Street stock market indices also rising. But the benchmark Stoxx index fell for a third week.
The index hit its lowest level in six months earlier this week, as US and European bond yields jumped to the highest level recorded in several years thanks to strong US data and expectations that borrowing costs will remain high for a longer period.
The data showed that non-farm payrolls increased by 336,000 jobs last month, almost double the 170,000 jobs that economists polled by Reuters had expected.
Most European sub-sectors closed higher. The retail sector, which topped the gains, rose 2.3 percent, boosted by a six percent jump in Zalando shares, as investors rushed to buy shares at lower prices, hoping that the third quarter results would be strong in the weak retail sector.
(Prepared by Muhammad Aysem for the Arabic Bulletin – Edited by Ayman Saad Muslim)
2023-10-06 18:04:00
#European #stocks #close #higher #continue #weekly #losses #Reuters
