Saturday, 3 June 2023

European stocks recover from 8-week lows

European stocks rose today, Friday, supported by the mining and technology sectors, although the main indices are on their way to incur large weekly losses, with increasing investor concerns about the US debt ceiling crisis and the global economic slowdown.

According to “Reuters”, the European Stoxx 600 index rose 0.4 percent by 0707 GMT, after falling to its lowest level in eight weeks at the close on Thursday.

Mining stocks rose 2.6 percent, following the path of rising metal prices, with global sentiment improving after the US debt ceiling negotiations made progress, and technology stocks continued their recent series of gains.

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Among mining companies, Rio Tinto rose 3.6 percent after Morgan Stanley upgraded the stock’s rating.

Shares in French supermarket operator Casino heavily indebted fell 9 percent as trading resumed after being suspended earlier this week.

Prosepien Sat 1 rose 0.2 percent after the German media group confirmed its full-year forecast.

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