European shares jump at the end of a turbulent quarter

European shares rose on Friday on the last day of trading from a turbulent quarter in which stocks were hit hard as investors worried about the impact of monetary policy tightening on economic growth and corporate profits.

The pan-European Stoxx 600 index rose 0.8 percent by 0713 GMT, boosted by a 1.5 percent rise in oil, gas, basic resources and banking shares.

The index fell 5.2 percent between July and September, heading for a third consecutive quarter of losses in what could become the longest losing streak since 2011.

The market has faced pressure since the Russian invasion of Ukraine in February, which shook the whole region and pushed up gas prices, which led to increased inflation and raised fears of a recession caused by central banks’ decisions.

All eyes are on Eurozone inflation data in September, which is expected to boost prospects for the European Central Bank to raise interest rates by another 75 basis points in October. Inflation in Germany this month was 10.9 percent, well above market expectations.

Italy’s Webild rose 2.4 percent in individual stocks after the construction company said it expected its business results for this year to be “much higher” than expected.