Sat. Oct 1st, 2022
europeam stock

LONDON — European markets were higher on Friday, tracking global gains as another volatile trading week comes to a close.Early trade saw the Stoxx 600 rise 0.7 percent, with basic resources leading gains of 2.2 percent as most sectors and major bourses entered positive territory. Household goods declined by 1.1%.

Concerns about inflation and grim earnings announcements from U.S. retailers weighed on the European blue chip index, which finished significantly down on Thursday.

The Hang Seng index in Hong Kong led advances in Asia-Pacific markets on Friday, as China retained its one-year benchmark lending rate at 3.7 percent but dropped its five-year loan prime rate by 15 basis points.

Premarket US stock futures increased, indicating a stronger open on Wall Street on Friday as traders wait to learn if the S&P 500 will enter bear market territory.

Global investors are keeping an eye on the Ukraine conflict and its geopolitical ramifications, which have contributed to rising oil and food prices throughout the world. Failure to restore Ukrainian ports, according to the World Food Programme, would be a declaration of war on world food security.

Despite signals that areas of the nation are returning to normalcy, Ukraine’s presidential advisor Oleksii Arestovych told NBC News that the battle would likely continue into the summer and probably beyond.

Finance ministers and central bankers from the Group of Seven main industrial nations are gathering in Bonn, Germany, to explore ways to help Ukraine and the global economic issues that the crisis has created.

In terms of data, German producer prices increased 33.5 percent year over year in April, setting a new yearly high as the crisis in Ukraine sends energy costs skyward in Europe’s largest economy.

Later on Friday, a flash euro area consumer confidence index for May will be released.

By adele rose

Adele Rose is the senior editor and employee of WGBS Pvt Ltd Digital wing.

Leave a Reply

Your email address will not be published.