European Stocks Are Rebounding After Falling

Europe’s main stock index rebounded on Friday after hitting its lowest level in nine months, affected by a rally in late Wall Street yesterday, as investors hunted for shares that fell in prices after heavy selling this week, amid concerns about the repercussions of the Russian invasion of Ukraine.

By 0814 GMT, the European Stoxx 600 index rose 0.8 percent, after hitting its lowest level since last May in the previous session. The index is on its way to end the week sharply lower.

US stocks closed higher on Thursday in the opposite direction of what they were after US President Joe Biden announced tough new sanctions on Russia, and some analysts said the measures were not as severe as the market feared.

However, the market situation remained fragile, and US stock futures declined, indicating a weak opening for Wall Street.

In Europe, automakers led the morning’s gains, and Porsche and Volkswagen shares jumped more than four percent after the two companies clarified details of a possible listing of Porsche shares.

Swiss Re reinsurance shares fell 5.5 percent, with the company reporting lower-than-expected profits for 2021.