By Anisha Sircar
(Reuters). European shares rose on Friday, as traders bought stocks hampered in the Omicron crisis. But gains ahead of U.S. jobs data were largely muted.
Pan-European shares gained 0.1% this week after fluctuating between losses and gains throughout the week due to worries about economic recovery.
Craig Erlam is a senior analyst for OANDA. “We have two immovable factors going head-tohead – the old adage markets hate uncertainty, traders love the dips,” he said.
Investors hope that the deep sell-offs won’t be too disastrous and are seen as an opportunity.
European stocks will end this week with very little gain as new restrictions and price pressures before winter have clouded the market outlook.
According to President Christine Lagarde, the European Central Bank could set its policy at this month’s meeting for a short time due to increased uncertainty.
Lagarde however reiterated his belief that inflation would decline by 2022 and that it might have peaked.
The U.S. Jobs Data is all eyes. It will likely show that employers increased their hiring in November giving the economy an important boost. However, worker shortages remain a problem.
IHS Markit survey shows that business activity in the euro area accelerated last month. However, the rebound may not be permanent as demand growth declined and worries about Omicron coronavirus put an end to optimism.
The rise in travel stocks was 1.3% after last week’s dramatic losses due to fresh curbs.
After OPEC+ stated that it will review the supply of oil before its next meeting if there is a virus that denies demand, crude oil prices rose 1.2%.
Dassault Aviation climbed 8.3% to the top in the STOXX 600 stock index after France signed a deal with the United Arab Emirates for 80 Rafale fighter jets – the biggest ever order for warplanes.
After raising its mid-term goals and announcing a new dividend policy, German insurance company Allianz (DE) was up almost 2%
After U.S. Private Equity firm Advent International and Singapore’s sovereign wealth fund announced that they would withdraw their bids for the drugmaker, Swedish Orphan Biovitrum (Sobi), plunged 22.8%
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