European stocks end session lower, but have first weekly gain of the year

Losses in tech stocks dragged equities lower european this Friday (11), after high inflation in United States lifted bond yields, although a positive earnings season and strong commodity prices helped the STOXX 600 post its first weekly gain this year.

The pan-European STOXX 600 index closed down 0.59% to 469.57 points, but was up 1.6% from last Friday’s close, the best weekly performance since the end of the month. from December.

the papers of technology fell 2.2%, the biggest drop among their peers on Friday. The sector, like utilities, was one of the worst performers this week, pressured by high bond returns.

Bond yields soared after data showed that the inflation from the United States jumped in January, while “hawkish” comments from US central bank officials also raised expectations of a sharp rise in interest rates in March.

European bond yields retreated after strong gains on Thursday (10). The President of the European Central Bank (ECB), Christine Lagarde, said raising the ECB’s key interest rate now would not reduce record inflation in euro zone and it would only harm the economy.

Travel and leisure stocks were the best performers this week, up 7.4%, on optimism about easing mask-wearing mandates in some US states.

Mining giant stocks were also among this week’s best performers after expectations of improving demand in China raised the prices of commodities.

In London, the Financial Times index fell 0.15%, to 7,661.02 points. In Frankfurt, the DAX index fell 0.42% to 15,425.12 points.

Paris’ CAC-40 index lost 1.27%, at 7,011.60 points, while Milan’s Ftse/Mib index lost 0.82%, at 26,966.10 points.

In Madrid, the Ibex-35 index registered a drop of 0.99%, to 8,798.10 points, and in Lisbon, the PSI20 index devalued 1.43%, to 5,590.86 points.