The Madrid Stock Exchange and calm in trading on the eve of the Christmas holidays (Getty)
The pan-European STOXX 600 index settled in weak trading before the holiday, following a turbulent week, in which hopes for an improvement in the economic outlook overshadowed the European economy. recession fears and aggressive monetary policies of central banks.
The Stoxx 600 closed little changed, but recorded a weekly increase of 0.6%.
After achieving early gains during the week, the index compensated for a small part of last week’s staggering 3.3% loss, which came as a result of Growing fears of a recession following the US Federal Reserve and European Central Bank signaled a protracted cycle of rate hikes.
And exacerbated these concerns and hurt the expectations that the shares will witness european A rising wave before the end of the year, following the release of US data yesterday, Thursday, which revealed the strength of the economy.
But upbeat earnings from Nike and FedEx this week, along with improved consumer confidence in the US and the eurozone, gave some hope that the economic slowdown caused by sharp interest rate hikes might not be as bad as feared.
Friday’s data showed that sentiment among Italian businesses and consumers rose in December, although the manufacturing sector was more pessimistic.
Mining stocks rose 0.8% as copper prices rose on lower inventories and hopes for an economic recovery next year. The industrial companies index added 0.3%, and the banking index rose following it recorded a decline in the previous session.
The interest rate-sensitive technology sub-index fell 0.6%, paring gains in the main index.
(Archyde.com, The New Arab)
