European stocks were higher in Friday’s session as industrials and financials rose on optimism about China, but fears of a recession ahead of a series of central bank decisions pushed the STOXX 600 index higher suffer a weekly loss after a 7-week rally.
is closed Stoxx 600 indicator up 0.8%, ending a 5-day losing streak that was largely driven by fears of an impending global recession due to sharp interest rate hikes by central banks. According to Reuters.
The Stoxx 600 index is down 0.9% in total trade this week.
And data released on Thursday showed that rising weekly jobless claims in the US raised hopes that the Federal Reserve would ease its aggressive stance on raising interest rates, with China easing its tight restrictions on fight the Corona virus.
The coming week will be crucial, as interest rate decisions are expected from the Federal Reserve, the Bank of England and the European Central Bank.
Industrial stocks such as Siemens and Schneider Electric were among the index’s biggest supporters, as were financial stocks with exposure to China.
Bank stocks broke a 4-day losing streak and rose 0.9%.
Shares of Credit Suisse rose 6.8% after raising 2.24 billion Swiss francs ($2.39 billion) on Thursday’s session as part of a 4 billion franc capital raise, in the scope of a restructuring plan.
