European stocks rise on the last day of trading this year

Media company shares led European stocks to rise at the beginning of trading on Friday, while indices are preparing to achieve strong annual gains amid growing hopes for easing monetary policy by major central banks next year.

According to Reuters, the European STOXX 600 index rose by 0.2% by 0811 GMT and is heading towards achieving its seventh consecutive weekly gain, in addition to achieving the best performance for the month of December since 2021.

Global markets have witnessed a rise since mid-December, when the Federal Reserve (the US central bank) hinted that it might consider lowering interest rates next year. But the European Central Bank presented different forecasts

However, the STOXX index is on track to record gains of about 13% this year, during which the technology and retail sectors were among the best performing sectors.

During Friday’s trading, shares of media companies rose 0.6%, while personal and household goods rose 0.4%, their first gain in 5 sessions.

Spanish stocks rose 0.3% after the preliminary reading showed that the 12-month inflation rate fell to 3.1% in December after it was 3.2% in the 12 months until November.

Trading is expected to be limited on the last trading day of the current year, with stock exchanges across Europe closed on January 1 due to the New Year holiday.