European stocks set to end the week higher after rate hike

European stocks continued to rise today, Friday, and are heading to end the week on the rise after a sharp jump in the last session following the European Central Bank’s indication that it will end the cycle of raising interest rates.

According to Reuters, the European Stoxx 600 index rose 0.9%, supported by gains in shares of luxury goods companies affected by China, after better-than-expected economic data from the second largest economy in the world, while French shares of Kring and LVMH rose 2.7% for each of them.

The European STOXX 600 index achieved its largest percentage gain in six months on Thursday after the European Central Bank raised interest rates by 25 basis points, which is the tenth and likely final increase in the 14-month battle to curb inflation.

The British Financial Times 100 Index led the weekly gains in the region and rose 0.8% today, Friday.

H&M shares fell by 4.6% after the Swedish clothing company announced that it had not recorded an increase in sales in the last quarter, contrary to expectations, as it finds it difficult to attract customers as the cost of living crisis continues.