© Archyde.com. A screen showing data from the German DAX index at the Frankfurt Stock Exchange on Friday. Photo: Archyde.com.
(Archyde.com) – European stocks closed higher on Friday, but recorded weekly losses, as investors awaited the season of corporate results and the decisions that central banks will take in the coming period, but the reopening of the Chinese economy after a period of closure due to Covid-19 mitigated the losses.
The European index rose 0.4 percent at the close, supported by the rise in the shares of the travel and leisure sector and the retail sector.
Spanish company Cellex jumped 9.8 percent after media reports that American Tower and Brookfield were considering bids to acquire the mobile tower operator.
Despite Friday’s gains, the Stoxx 600 index incurred a weekly loss of 0.1 percent after hitting a nine-month high earlier this week.
Shares of LVMH and Hermes International rose by 0.8 each.
The US central bank is expected to raise interest rates by 25 basis points at its policy committee meeting in February. Expectations also indicate that the European Central Bank will raise interest rates by 50 basis points.
China said the worst was over in its battle against COVID-19, ahead of what was expected to be one of its busiest travel days in years on Friday, while stoking fears of a further surge in infections.
(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Mustafa Saleh)