LONDON — European stocks advanced on Friday as global markets head for a positive week, with fears over monetary policy tightening subsiding.
The pan-European Stoxx 600 climbed 0.7% by late morning, with tech stocks adding 1.9% to lead gains while utilities bucked the upward trend to drop 1.4%.
Swedish cloud computing firm Sinch jumped 11% after resolving on an in-kind share issue of 25.5 million shares to the sellers of U.S. communications company Pathwire, which it acquired in September 2021.
At the bottom of the European blue chip index, Anglo-South African wealth management firm Investec fell 6%.
Markets in Europe closed higher on Thursday, receiving a boost after British Finance Minister Rishi Sunak announced a range of measures to tackle the country's cost-of-living crisis, including a so-called "windfall tax" on the profits of oil and gas giants.
Thursday also marked the end of the World Economic Forum, where the world's leading financiers, politicians and business gathered in Davos, Switzerland, to discuss the issues the global economy faces. Some bleak predictions were offered, particularly for Europe, which many economists see as vulnerable to recession.
U.S. stock futures were fractionally higher in early premarket trade on Friday after a strong previous session on Wall Street set the S&P 500 on course to snap a seven-week losing streak.
Shares in Asia-Pacific advanced in Friday trade, with Hong Kong's Hang Seng index jumping by almost 3%. Tech giant Alibaba soared after the company reported stronger-than-expected fourth-quarter earnings.
Markets also remain attuned to the conflict in Ukraine, with a U.S. official saying Russia is making "incremental progress" in the Donbas region.
Russia's Defense Ministry claimed overnight that it will allow foreign ships to leave ports on the Black Sea and Sea of Azov, according to state news agency Interfax, amid mounting concerns about rising global food prices.
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May 27, 2022 at 01:30PM
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European stocks climb, on course for winning week - CNBC
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