European shares edge up on energy boost; set for weekly losses
2024.11.01 04:51
(Reuters) – European shares opened higher on Friday, helped by gains in energy stocks, but were set for their worst week in nearly two months.
The pan-European index rose 0.4% by 0818 GMT, after falling more than 1% in the previous session.
Still, the benchmark was poised to record a 2.6% drop this week, marking its second consecutive weekly decline.
The energy sector was the biggest boost to the index, gaining 1.2% as oil prices surged on reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. [O/R]
Reckitt surged 10.3% after the consumer goods group was cleared of liability in the latest preterm formula case.
Meanwhile, data showed that the Swiss consumer price index rose 0.6% in October.
The travel sector fell 0.3% due to a 1.5% drop in Lufthansa shares after HSBC downgraded the stock to “hold” from “buy”.
With a relatively light data day in Europe, investors will turn their focus to the U.S. non-farm payrolls data due later in the day.
