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European stocks end three-day streak of losses with defensive sectors

European stocks closed higher on Wednesday, buoyed by a bounce in defensive stocks, but worries about a looming energy crisis and bleak growth prospects limited gains.

The pan-European STOXX 600 index closed up 0.16% at 432.05 points, ending a three-day streak of losses, but still hovering around one-month lows.

Defensive sectors, including healthcare, led the gains, while mining companies fell 1.8%, the biggest drop among European sectors.

Markets weighed the risks of rising interest rates, dismal economic data, high inflation and a possible recession.

In addition, European benchmark gas prices have tripled in just over two months as a winter with no guarantees of Russian energy supplies approaches.

Investors still showed caution ahead of the Federal Reserve’s Jackson Hole symposium after Minneapolis Fed Chairman Neel Kashkari on Tuesday reiterated the US central bank’s focus on controlling inflation above all else.

  • In London, the Financial Times index dropped 0.22%, to 7,471.51 points;
  • In Frankfurt, the DAX index rose 0.20% to 13,220.06 points;
  • In Paris, the CAC-40 index gained 0.39% to 6,386.76 points;
  • In Milan, the Ftse/Mib index appreciated by 0.23%, at 22,431.47 points;
  • In Madrid, the Ibex-35 index registered a drop of 0.33%, to 8,199.40 points;
  • In Lisbon, the PSI20 index depreciated by 0.25%, to 6,251.18 points.

Source: CNN Brasil

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