European shares rise after 5 days of losses, but still register weekly decline

European shares rose on Friday and posted gains for the first time in six days after key US jobs data eased bets on a more aggressive Federal Reserve but recorded their third straight week of declines due to concerns about a rise in energy prices.

The pan-European STOXX 600 index closed up 2.04% at 415.97 points but registered a weekly low of 2%.

Data showed U.S. employers hired more workers than expected in August, but subdued wage growth and rising unemployment could ease pressure on the U.S. central bank to deliver a third increment of 0, 75 percentage point interest rate this month.

“If wage growth continues to moderate along with the prices of goods and services, the Fed could find a window to slow the pace of the (rate) hike, a scenario that would certainly create a rally of relief in equities,” Peter said. Essele, head of portfolio management at the Commonwealth Financial Network.

Russian gas flows through the Nord Stream 1 pipeline to Germany remained at zero on Friday morning after Russia’s Gazprom suspended supplies for three days for maintenance on August 31.

Miners were the biggest retreats, with losses of more than 6% this week as metal prices tumbled on renewed concerns that China’s zero-tolerance Covid-19 policy and interest rate hikes would hurt. the demand for commodities. [MET/L]

In London, the Financial Times index advanced 1.86%, to 7,281.19 points.

In Frankfurt, the DAX index rose 3.33% to 13,050.27 points.

In Paris, the CAC-40 index gained 2.21% to 6,167.51 points.

In Milan, the Ftse/Mib index appreciated by 2.91%, at 21,921.26 points.

In Madrid, the Ibex-35 index registered an increase of 1.62%, to 7,932.20 points.

In Lisbon, the PSI20 index rose by 0.72%, to 6,004.58 points.