Open at close after a big week for earnings and monetary policy


European stocks rose on Friday as markets ended a big week for central bank policy decisions and corporate earnings.

The pan-European Stoxx 600 index was up 1.4% by late morning, with core resources surging 5.1% to lead the gains as nearly all sectors and major exchanges traded in positive territory.

The European blue chip index closed down 1% on Thursday, with the UK FTSE100 the outlier among major exchanges, closing 0.6% higher after the Bank of England implemented a 75 basis point hike in interest rates.

The US Federal Reserve also opted for a 75 basis point hike on Wednesday as central banks around the world continue their aggressive tightening in an effort to contain inflation.

US markets fell on Thursday amid concerns over the pace of Fed rate hikes. Stock futures were flat in early premarket trading on Friday, as Wall Street awaits October’s nonfarm payrolls report for further clues on the economy’s health and likely trajectory. monetary policy.

Asia-Pacific stocks were mixed overnight, although Hong Kong Hang Seng the index soared amid rumors of China reopening and a report that US inspections of Chinese business audits were completed faster than expected.

Back in Europe, the final reading of the euro zone PMI (Purchasing Managers Index) for October signaled a deepening slowdown on Friday as inflation and fears of an energy crisis compressed the demand across the block.

The corporate earnings season is winding down, but reports before Friday’s bell came from Soc Gen, Telefonica, Aker and Intesa Sanpaolo, among others.


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