European stocks rise heading for fifth week of gains in a row

European stocks opened higher on Friday, led by gains by Standard Chartered and BASF (BASF) after announcing their results, while traders remained cautious ahead of statements from policymakers at the European Central Bank.

According to Reuters, BASF shares rose 1.5% after the giant chemical company expected a recovery in core profits in 2024 and said it would reduce annual costs by another billion euros ($1.1 billion), while the chemicals index led the sectors’ gains by rising 0.7%.

By 0821 GMT, the STOXX index rose 0.2%, heading for gains for the fifth week in a row.

British Standard Chartered shares jumped 6.7 percent as the bank announced a $1 billion share buyback with rising profits, but it set modest expectations for growth regarding opening up to China.

On the other hand, Allianz shares fell 2.4%, after the German insurance company said that its real estate portfolio fell 6.2% in 2023, as it reevaluated some properties and sold others.

Meanwhile, data showed the German economy contracted 0.3% in the fourth quarter.

Traders are awaiting comments from policymakers at the European Central Bank, including Christine Lagarde, President of the Bank, to obtain signals about the path to lowering interest rates.