European stock markets are moving with small gains on Friday, in an attempt to react after Thursday’s slump, with the indices, however, heading for heavy losses in the week after the pounding of the previous days.
The pan-European Stoxx 600 index fell 2.5% in the middle of a global sell-off yesterday, as aggressive interest rate hikes by central banks in Europe and the US fuel concerns about a global recession. The index is heading for a 4% loss since the beginning of the week.
On Wednesday, the US Federal Reserve raised interest rates by 75 basis points to the largest rate hike since 1994. On Thursday, the Bank of Switzerland followed with its first increase since 2007 and the Bank of England with its fifth. successive increase in its interest rates.
The European Central Bank (ECB) has already announced plans to raise interest rates by 25 basis points in July, and at an emergency meeting this week announced plans to create a new tool to tackle the risk of euro area fragmentation. .
On the board, the Stoxx 600 index rose 0.2% to 403.78 points.
The German DAX is up 0.3% at 13,080.61 points, the French CAC 40 is also up 0.3% at 5,906.39 points, while the British FTSE 100 is up 0.2% at 7,054.69 points.
In the periphery, the Italian FTSE MIB moves with small gains of 0.1%, while the Spanish IBEX 35 gains 0.2%.