On the way to the winning week

0

LONDON — European stocks rose on Friday as global markets headed for a positive week as fears of monetary policy tightening waned.

The pan-European Stoxx 600 climbed 0.7% late in the morning, with tech stocks adding 1.9% to lead the gains while utilities bucked the uptrend to fall 1.4%.

Swedish cloud computing company Sinch jumped 11% after resolving an in-kind equity issue of 25.5 million shares to the sellers of US communications company Pathwire, which it acquired in September 2021.

At the bottom of the European blue chip index, British-South African wealth management firm Investec fell 6%.

European markets closed higher on Thursday, benefiting from a boost after UK Finance Minister Rishi Sunak announced a series of measures to tackle the country’s cost of living crisis, including a so-called “windfall tax” on the profits of oil and gas giants. .

CNBC Pro Stock Picks and Investing Trends:

Thursday also marked the end of the World Economic Forum, where the world’s leading financiers, politicians and businesses gathered in Davos, Switzerland, to discuss issues facing the global economy. Some bleak forecasts have been put forward, particularly for Europe, which many economists see as vulnerable to recession.

U.S. stock futures were slightly higher in early trade before trade on Friday after a strong previous session on Wall Street put the S&P 500 on track to break a seven-week losing streak.

Asia-Pacific stocks advanced on Friday, with Hong Kong’s Hang Seng Index jumping nearly 3%. Tech giant Alibaba soared after the company reported stronger-than-expected fourth-quarter results.

Markets also remain alert to the conflict in Ukraine, with a US official saying Russia is making “gradual progress” in the Donbass region.

The Russian Defense Ministry claimed overnight that it would allow foreign ships to leave Black Sea and Sea of ​​Azov ports, according to state news agency Interfax, amid concerns growing concerns about rising world food prices.

Subscribe at CNBC PRO for exclusive news and analysis, and live business day programming from around the world.

Share.

Comments are closed.