European Stocks Higher; Week Ends With Bargain Hunting By

© Reuters.

By Peter Nurse – European stock markets traded higher on Friday, regaining some ground at the end of a difficult week as investors continue to assess persistent inflation, aggressive monetary tightening and the associated impact on global economic growth.

At 4:20 am ET (08:20 GMT), Germany’s rose 1.2%, France’s rose 1.3% and the UK’s rose 1.3%.

European equities rose on Friday, with investors looking for deals, as stocks have been hit by concerns that rising inflation and tighter monetary policy will severely slow growth in the region, especially with considering the impact of the war on Ukraine.

That said, major European indices remain on track for a fifth consecutive negative week, the longest streak since February.

Investors continue to control the geopolitical consequences of the Russian invasion of Ukraine, as Russian forces continued to attack the Marijuan Azovstal plant with artillery and airstrikes.

NATO Foreign Ministers will meet over the weekend with NATO officials to discuss possible offers from Finland and Sweden to join the military alliance.

Moscow on Thursday threatened retaliation against Finland if it advanced its plans to join NATO.

In corporate news, shares of Deutsche Telekom (ETR 🙂 rose 0.3% after a good quarterly figures for the telecommunications giant, raising its year-round outlook, driven by its northern unit. T-Mobile, along with the growth of its European business.

On the other hand, shares of Norwegian Air Shuttle (OL 🙂 fell 1% after the loss of the first quarter of the budget company, adding that the increase in fuel costs will partly offset the positive effects of the increase in bookings for the summer season.

Inflation figures for April range from and remained at high levels, with an increase of 4.8% from 4.5% in the previous month, while inflation stood at 8.3 %, just below 8.4% in March.

March figures for the eurozone, which will be presented later in the session, are expected to show signs of slowing down.

The price of oil rose on Friday, but it looks like it will still record its first weekly loss in three, as concerns over faltering global demand have apparently outpaced the prospect of a European Union ban on oil supplies. in Russia.

At 4:20 a.m. ET, futures were trading 0.6% higher at $ 106.78 a barrel, down about 2% this week, while the contract rose 0.7% up to $ 108.22, which will fall nearly 3% this week.

In addition, it fell 0.2% to $ 1,822.26 / oz, while it rose 0.3% to 1.0408.

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