Open at close after a big week for earnings and monetary policy
European stocks rose on Friday as markets ended a big week for central bank policy decisions and corporate earnings.
The pan-European Stoxx 600 index was up 1.1% by mid-morning, with core resources surging 4.5% to lead the gains as nearly all sectors and major exchanges moved into positive territory.
The European blue chip index closed down 1% on Thursday, with the UK FTSE100 the outlier among major exchanges, closing up 0.6% after the bank of england set up a 75 basis point rise in interest rates.
The US Federal Reserve also opted for a 75 basis point hike on Wednesday as central banks around the world continue their aggressive tightening in a bid to contain inflation.
US markets fell on Thursday amid concerns over the pace of Fed rate hikes. Equity Futures were flat in early trade before market Friday, as Wall Street turns to the October Nonfarm Payrolls Report for more clues on the health of the economy and the likely path of monetary policy.
Asia Pacific Equities were mixed overnight, although Hong Kong Hang Seng the index soared amid rumors of reopening China and a report that US inspections of Chinese company audits were completed faster than expected.
Back in Europe, investors will await final readings of the Eurozone PMI (Purchasing Managers Index) for indications of the resilience of economic activity in the 19-member bloc.
Corporate earnings season draws to a close, but reports before Friday bell comes from Soc GenTelefonica, Aker and Intesa Sanpaolo, among others.
Comments are closed.