European stocks up on rise of industrial and financial sectors ‎

European stocks rose today, Friday, with shares in the industrial and financial sectors rising on optimism related to China’s easing of anti-Covid-19 restrictions, while Credit Suisse shares jumped after news of a capital increase.

According to “Reuters”, the European Stoxx 600 index increased 0.2 percent by 0810 GMT, and it appears that it is heading towards an increase after losing for five consecutive days, mainly due to fears of a global recession due to central banks raising interest rates sharply. ,

The stocks of industrial companies, including Airbus, were the biggest supporter of the Stoxx 600 index, while the financial services sector index rose after the recovery of Credit Suisse shares following a record decline last week.

Credit Suisse shares jumped 3 percent after the ailing bank welcomed significant progress in its transformation plan on Thursday by raising 2.24 billion Swiss francs ($2.39 billion) as part of a 4 billion franc liquidity package.

Despite the early gains, the Stoxx 600 is likely to post losses this week after seven consecutive weeks of gains.