European stocks up at opening supported by tech shares

European stocks opened higher today, Friday, supported by the rise of interest-sensitive technology stocks, as investors flocked to riskier assets, after comments from a Federal Reserve official that the US central bank may temporarily stop tightening monetary policy.

According to “Reuters”, the Stoxx 600 index of European stocks rose 0.5 percent at the start of trading, with the sub-index of the technology sector rising 1.3 percent.

Investor sentiment was boosted on Thursday night after Rafael Bostic, president of the Federal Reserve Bank of Atlanta, said he preferred to raise interest rates “slow and steady” in the next phase and stop raising them by mid- or late-summer.

The mining sector index rose 1.3 percent, amid expectations that the lifting of restrictions related to Corona in China would lead to an increase in demand, after data showed improvement in economic conditions in the country.

Lufthansa shares jumped 4.4 percent, after the German airline turned profitable in 2022, supported by a strong rise in demand for air travel.