Tuesday, 16 July 2024

European stocks up after strong sell-off last week

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European stocks rose today, Monday, supported by energy companies, after a heavy sell-off last week, sparked by growing fears of recession, as major central banks pledged more interest rate hikes in the future.

According to “Reuters”, the European Stoxx 600 index rose 0.5 percent by 0805 GMT.

On Friday, the index recorded its worst week since September, after the Federal Reserve and the European Central Bank stuck to tightening monetary policy.

Among the main sectors, energy stocks jumped 1.8 percent, as oil prices received support from the prospects for a recovery in demand from China, the main consumer of crude, after the country eased many of the strict control measures related to combating the Corona virus.

Technology stocks and the mining sector, which were among the hardest hit sectors last week, rose 0.6 percent and 0.8 percent, respectively.

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