European equity markets rose on Monday, boosted by energy companies, after last week’s sharp drop triggered by growing fears of recession as major central banks promised further interest rate hikes.
The index STOXX 600 It was up 0.5% at 0805 GMT.
The index posted its worst week since September on Friday after the Federal Reserve and European Central Bank maintained aggressive monetary policy, dispelling hopes of a Christmas rally ahead of the end of the year.
Among major sectors, energy stocks rose 1.8 percent, leading gains as energy prices rose 1.8 percent. petroleum were supported by prospects for a recovery in demand from China’s main consumer, after China relaxed several stringent COVID-19 control measures. [O/R]
Technology stocks and miners, among the hardest hit sectors last week, rose 0.6% and 0.8% respectively.
Among sole proprietorships, Freenet AG rose 3.2% after Deutsche Bank (ETR:DBKGn) raise its rating on the shares of the German-based telecommunications provider to “buy” from “hold”.