(Reuters) – European shares edged higher on Monday, boosted by energy firms, after a bruising selloff last week sparked by growing fears of a recession as major central banks promised more interest rate hikes ahead.
The region-wide STOXX 600 index was up 0.5% at 0805 GMT.
The index logged its worst week since September on Friday after the Federal Reserve and the European Central Bank stuck to their hawkish monetary policy stance, dousing hopes of a so-called ‘Santa-rally’ heading into the end of the year.
Among the major sectors, energy stocks jumped 1.8%, spear-heading gains, as oil prices were supported by prospects of recovery in demand from top consumer China after the country relaxed several strict COVID-19 control measures. [O/R]
Tech stocks and miners, among the worst hit sectors last week, rose 0.6% and 0.8% respectively.
Among individual companies, Freenet AG rose 3.2% after Deutsche Bank raised its rating on the German-based telecom provider’s stock to “buy” from “hold.”
(Reporting by Amruta Khandekar; Editing by Savio D’Souza)
