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European stocks find support at the end of volatile week

© Reuters. FILE PHOTO: The logo of stock market operator Euronext is seen on Euronext headquarters at La Defense business and financial district in Courbevoie near Paris, France, November 21, 2019. REUTERS/Charles Platiau

(Reuters) – European shares rose in early deals on Friday, stabilising at the end of a volatile week dominated by worries over hot inflation and aggressive monetary policy tightening.

The pan-European index rose 0.7% by 0710 GMT, with banks, oil & gas and technology stocks leading morning gains.

Global markets, particularly U.S. stocks, have gyrated wildly this week as investors priced in tightening financial conditions as the Federal Reserve prepares a series of interest rate hikes to contain a surge in inflation. [.N]

Despite Friday’s gains so far, the STOXX 600 is set to log its fifth consecutive weekly decline.

Deutsche Telekom (ETR:) slipped 0.4% despite reporting quarterly core profit and revenue above market estimates.

Wind turbine maker Vestas dropped 4.4% after Berenberg downgraded the stock to “hold”.


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