European stocks reclaimed some lost ground on Friday following a brutal week underlined by mounting concerns over energy crisis, red-hot inflation data and sharply higher bets of an aggressive rate hike by the European Central Bank due next week.
The pan-European STOXX 600 rose 0.7%, snapping five sessions of losses, although the index was set for a weekly loss of nearly 4% – its third straight weekly decline.
Shares of Credit Suisse rose 3.2% after a source told Reuters that Switzerland’s second-biggest bank is considering cutting around 5,000 jobs as part of a cost-reduction drive.
Auto and tech stocks led the gains, rising 1.5% and 1.4%, respectively.
Among other stocks, Equinor fell 1% after the Norwegian energy group said it has completed its exit from Russia.
Ryanair firmed nearly 2%, as the low-cost carrier saw a record number of passengers in August for the fourth straight month and consolidated its position as Europe’s largest airline by passenger numbers. (Reporting by Anisha Sircar in Bengaluru; Editing by Sherry Jacob- Phillips)