Sector warns ‘multiyear’ assault on profits will ‘drive away investors’ and cut production.
(Reuters) -European shares marked their best week since mid-March, ending Friday on a strong note as upbeat U.S. data and easing bets about aggressive interest rate hikes lifted sentiment. The pan-European STOXX 600 index rose for a third straight session, closing up 1.5%, taking weekly gains to 3%. Technology stocks led gains among sectors, up 3.3%, while industrials and luxury stocks were among the biggest boosts to the STOXX 600.
European stock markets are expected to open in a muted fashion Friday, ending a generally positive week in a cautious manner ahead of the release of key U.S. inflation data. At 2 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.1% lower, CAC 40 futures in France traded flat and the FTSE 100 futures contract in the U.K. fell 0.4%. Equity markets in Europe are on course to post a positive week, with the DAX, CAC 40, and FTSE 100, all around 2% higher so far, as investors sought out bargains after a series of weekly losses while also taking comfort from Federal Reserve minutes suggesting the central bank could slow down its tightening if it sees signs inflation is on a downward trend.