European Stocks Close HIgher
European stocks closed higher on Friday with broad support from all major sectors as markets continued to gauge positive earnings prospects against risks of high inflation. The Euro STOXX 50 added 0.6% to 6,204 and the STOXX Europe 600 rose for a fifth session in six, gaining 0.7% to 644. Banks closed sharply higher as bond yields held their sharp declines from the previous session, easing borrowing costs for debtors. ING and Deutsche Bank rose 1.5%. Also, UniCredit jumped 1.4% as the ECB approved an increase in the Italian lender's stake in Commerzbank, paving the way for an imminent takeover. Meanwhile, AI infrastructure stocks rebounded despite further pressure from the sector's selloff in the US, with ASML adding 1% and Siemens Energy jumping 2%. The Euro STOXX 50 added 0.4% and the STOXX Europe 600 jumped 2.0% on the week.
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European stocks closed higher on Friday with broad support from all major sectors as markets continued to gauge positive earnings prospects against risks of high inflation. The Euro STOXX 50 added 0.6% to 6,204 and the STOXX Europe 600 rose for a fifth session in six, gaining 0.7% to 644. Banks closed sharply higher as bond yields held their sharp declines from the previous session, easing borrowing costs for debtors. ING and Deutsche Bank rose 1.5%.
Also, UniCredit jumped 1.4% as the ECB approved an increase in the Italian lender's stake in Commerzbank, paving the way for an imminent takeover. Meanwhile, AI infrastructure stocks rebounded despite further pressure from the sector's selloff in the US, with ASML adding 1% and Siemens Energy jumping 2%. The Euro STOXX 50 added 0.4% and the STOXX Europe 600 jumped 2.0% on the week.