European stocks recover as investor concerns waned
Date
8/11/2024 5:57:16 AM
(MENAFN) European shares experienced a notable rebound on Friday, marking a fourth consecutive session of gains and recovering nearly all of the losses incurred earlier in the week due to worries about a potential U.S. recession. The pan-European STOXX 600 index climbed by 0.3 percent by 0708 GMT, aided by a U.S. jobs report that alleviated some of the investor anxieties regarding the state of the world's largest economy. This positive trend, last observed nearly three months ago, reduced the European index's weekly loss to a negligible 0.02 percent, reflecting a robust recovery from earlier declines.
The basic resources index led the day's gains with a 1.4 percent increase, mirroring the rise in basic metals prices following a rebound driven by U.S. economic data. Recent reports indicated a larger-than-expected drop in U.S. unemployment benefit claims, which helped assuage fears of a deteriorating labor market that had previously spurred global selling. The initial concerns, triggered by a U.S. non-farm payrolls report on Monday, were moderated by subsequent economic data and reassuring statements from U.S. Federal Reserve officials.
Among individual stocks, LEG Immobilien, one of Germany's largest listed property firms, saw its shares surge by 5 percent after reporting a reduced loss for the second quarter. This boost in LEG Immobilien’s stock also contributed to a 1.3 percent rise in the real estate sector index, reflecting the broader positive sentiment in European markets.
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