European stocks rise, supported by rise in the industrial and financial sectors

European stocks rose on Friday, as industrial and financial stocks rose on optimism related to China’s easing of anti-Covid-19 restrictions, while Credit Suisse jumped after news of a capital increase.

The pan-European STOXX 600 rose 0.2 percent by 0810 GMT, and appeared to be heading for an increase after losing for five consecutive days, mainly due to fears of a global recession due to central banks raising interest rates sharply.

Industry stocks, including Airbus, were the biggest supporter of the Stoxx 600 index, while the financial services sector index rose after Credit Suisse stock recovered following a record decline last week.

Credit Suisse jumped 3 percent after the ailing bank welcomed significant progress in its transformation plan on Thursday, raising 2.24 billion Swiss francs ($2.39 billion) as part of a 4 billion franc cash package.

Despite the early gains, the Stokes 600 is likely to post losses this week after seven consecutive weeks of gains.