European shares rise, supported by utilities at the end of a turbulent week

European shares rose on Friday, boosted by the utilities and healthcare sectors after hitting their lowest level in 2022, as investors turned to safer bets amid growing fears of tight monetary policies and rising inflation that could result in a global recession.

At the end of a week that witnessed volatile transactions, the European Stoxx 600 index rose 0.6 percent, and is heading towards recording small weekly gains, supported by defensive sectors such as health care and communications.

Shares of German online fashion retailer Zalando plunged 16.8 percent to its lowest level in more than three years after the company cut its forecast for 2022, citing worsening macroeconomic conditions and consumer confidence.

Italy’s Saipem fell 6.3 percent after the energy services group said its financial resources will be available for less than a year if its plans to raise capital fail.

Barclays (LON:BARC) shares rose 0.2 percent after the bank announced a deal to acquire Kensington Mortgage Company to extend its influence in the British housing market.