European shares rise after a volatile week

On Friday, European shares compensated for some of the losses incurred during a turbulent week in which concerns increased about the energy crisis, strong inflation data and expectations of an interest rate hike by the European Central Bank next week.

European Stoxx 600 index rose 0.7%, ending five sessions of losses, but it is heading to record a weekly loss of about 4%, in the third consecutive weekly decline.

Credit Suisse rose 3.2% after a source told Reuters that Switzerland’s second-largest bank was considering laying off about 5,000 staff as part of an effort to cut costs.

The auto and technology sectors led the gains, rising 1.5% and 1.4%, respectively

Meanwhile, Norwegian energy group Equinor fell 1% after it said it had completed its exit from Russia.

Low-cost airline Ryanair rose about 2% after hitting a record number of passengers in August for the fourth consecutive month and establishing itself as Europe’s largest airline by number of passengers.