European shares stabilize before US jobs data

European shares stabilized on Friday as eyes turned to US jobs data expected later. Investors assessed the Bank of England’s biggest rate hike in 27 years amid growing fears of a recession.

By 0705 GMT, the pan-European Stoxx 600 index settled, amid fears of slowing growth in the world’s largest economy due to the pace of the Federal Reserve (US central bank) raising interest rates.

The mining sector index rose 0.6 percent as copper and most other base metals continued to receive support from the dollar’s decline.

The shares of German Postal Company Posts rose 5.8% after the company recorded double-digit growth in revenues and profits and emphasized its expectations for 2022.

The shares of the London Stock Exchange Group rose 1.4 percent.

German insurance company Allianz fell 2.3 percent after the company’s second-quarter net profit fell 23 percent, worse than expected.