European Stock market rises on expectations from China
2022.12.09 04:13
European Stock market rises on expectations from China
Budrigannews.com – On Friday, industrial and financial stocks in Europe rose on optimism that China will relax COVID restrictions, and Credit Suisse rose on news of a capital raise.
At 0810 a.m. GMT, the region-wide index was up 0.2 percent and appeared to be on track to end a five-day losing streak that was largely caused by worries about a global recession brought on by rapid rate increases from central banks.
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However, investor expectations that the Federal Reserve might moderate its aggressive stance on interest rate hikes have been raised by data on Thursday showing a rise in weekly jobless claims in the United States.
Additionally, investors have applauded China’s easing of COVID restrictions, which they believe will contribute to the economy’s recovery.
The STOXX 600 gained the most from industrial stocks like Airbus, and the financial services sector gained as shares of Credit Suisse recovered from record lows last week.
After the troubled bank raised 2.24 billion Swiss francs ($2.39 billion) as part of a 4 billion franc cash call, the bank hailed a “milestone” in its turnaround plan on Thursday, resulting in a 3.0% increase in shares of Credit Suisse.
After seven weeks of gains, the STOXX 600 was still likely to lose this week despite its early gains.
