European stocks have their best week since November 2020

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European shares rose on Friday, extending strong gains seen throughout the week as investors focused on Russia-Ukraine peace talks and digesting the conversation between US Presidents Joe Biden and China, Xi Jinping.

The pan-European STOXX 600 index closed up 0.91% at 454.60 points, with technology stocks leading the gains.

The benchmark index had its best weekly performance since November 2020 amid optimism that peace will be negotiated in Ukraine, whose conflict has rocked global markets.

“It’s been a weird week because while we still have everything going on in Ukraine, we’ve also kind of been pulled back into normal hustle and bustle, and investors like normalcy,” said Danni Hewson, financial analyst at AJ Bell.

Biden and Xi spoke in a video call on Friday about Russia’s invasion of Ukraine, and Chinese media said Xi stressed that such conflicts are in no one’s interests.

Helping sentiment, Russia paid $117 million in interest owed on two dollar-denominated sovereign bonds, allaying doubts about its ability to service its foreign debt after tough sanctions imposed by the West.

  • In London, the Financial Times index advanced 0.26%, to 7,404.73 points;
  • In Frankfurt, the DAX index rose 0.17% to 14,413.09 points;
  • In Paris, the CAC-40 index gained 0.12% to 6,620.24 points;
  • In Milan, the Ftse/Mib index appreciated by 0.41%, at 24,222.16 points;
  • In Madrid, the Ibex-35 index registered an increase of 0.07%, to 8,417.60 points;
  • In Lisbon, the PSI20 index remained stable at 5,692.63 points.

Source: CNN Brasil

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