European stocks rise after a volatile week

On Friday, September 2nd, European shares recouped some of the losses they incurred during a turbulent week in which concerns increased about the energy crisis, strong inflation data and expectations of an interest rate hike by the European Central Bank next week.

The European Stoxx 600 index rose 0.7%, ending a series of losses that lasted for five sessions, but it is heading to record a weekly loss of about 4%, in the third consecutive weekly decline.

Credit Suisse rose 3.2% after a source told Reuters that Switzerland’s second-largest bank was considering laying off about 5,000 staff to cut costs.

The auto and technology sectors led the gains, rising 1.5% and 1.4%, respectively.

And Norwegian energy group Equinor fell 1% after it said it had completed its exit from Russia.

And low-cost airline Ryanair rose about 2% after hitting a record number of passengers in August for the fourth consecutive month and establishing itself as Europe’s largest airline by number of passengers.