Utilities lift European stocks at the end of choppy week
2022.06.24 10:36
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 23, 2022. REUTERS/Staff
(Reuters) – Utilities and healthcare stocks on Friday helped lift European equities from 2022 lows, as investors pivoted to safer bets amid growing worries that tighter monetary policies and surging inflation will cause a global recession.
At the end of a volatile week, the pan-European STOXX 600 index rose 0.6%, on course to post small weekly gains, helped by defensive sectors such as healthcare and telecoms.
German online fashion retailer Zalando slumped 16.8% to a more than three-year low after it lowered its 2022 outlook, citing deteriorating macro conditions and consumer confidence.
Italy’s Saipem dropped 6.3% after the energy services group said it would have financial resources available for less than one year if its plans to raise capital did not go through.
Barclays (LON:BARC) inched up 0.2% after it announced it had struck a deal to acquire specialist lender Kensington Mortgage Company, to extend its reach in Britain’s buoyant housing market.
