European stocks were up more than 2.5% by close of trading on Friday as investors weighed in on economic developments and concerns about inflation. European stock exchanges posted their best daily performance in more than 3 months, thanks to a surge in tech stocks that led to gains in most sectors.
The data showed that the Ifo Institute business confidence index in Germany fell to 92.3 points in June from 93 points in May last year, while retail sales in the euro area fell by 0.5%, which was less than expected, which he pointed to a decline of 0.7%. . Peter Casimir, a member of the European Central Board of Directors, in an interview with Bloomberg, expected the bank to raise interest rates by more than 200 basis points over the next 12 months until they reach 1.5-2% within a year, expecting an increase of 25 basis points at the meeting in July and then by 50 basis points in September.
The European Stoxx 600 rose 2.6%, or 10 points, to close at 412.9, posting a 2.4% weekly gain. The British FTSE 100 also rose 2.7% (+188 points) to 7,208 points, the German Dax rose 1.6% (+205 points) to a record 13,118 thousand points, the French CAC rose by 3.2% (+190 points) to 6073 points.
Source: El Iktisad
