European stocks hold steady before U.S. employment data

As investors anticipated the publication of U.S. employment statistics later in the day and assessed the Bank of England’s greatest rate hike in 27 years amid rising recession fears, European equities were calm on Friday.

European stocks were quiet on Friday as investors awaited the release of U.S. employment data later in the day and reviewed the Bank of England’s largest rate rise in 27 years amidst mounting recession worries.

At 07:05 GMT, the pan-European index STOXX 600 remained unchanged due to concerns that the aggressive pace of rate rises by the U.S. Federal Reserve will hamper economic development in the world’s largest economy.

Copper and most other base metals continued to be supported by a weakening U.S. dollar, resulting in a 0.6% increase for the mining industry. 

Deutsche Post (OTC:DPSGY) gained 5.8 percent after reporting double-digit revenue and earnings growth and confirming its 2022 projection.

London Stock Exchange Group (LON:LSEG) rose 1.4% after announcing that expenses and savings estimates for integrating its $27 billion acquisition of data business Refinitiv remain intact and that it is commencing a 750 million pound ($910.65 million) share repurchase.

German insurer Allianz (ETR:ALVG) declined 2.3% after reporting a 23% decline in second-quarter net income, which was worse than anticipated.

Crude prices remained at their lowest level since the beginning of the crisis in Ukraine, weighing on the oil and gas industry, as markets grappled with worries of supply scarcity and sluggish demand.

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