(Reuters) – European shares looked set to notch their seventh straight week of gains amid easing worries of global monetary policy tightening despite a dip on Friday ahead of U.S jobs data.
The pan-European STOXX 600 index fell 0.5% after two days of strong gains. Investors looked ahead to U.S. jobs data, which will feed into the Federal Reserve’s future rate hike plans.
Economists expect about 200,000 jobs were added in October and any downside will be seen as proof that the Fed’s aggressive tightening has been working. Recent data from Europe has also made the case for the European Central Bank to opt for a smaller hike.
Energy and financial stocks were the biggest drags on the broader index on Friday, pulling it further away from June highs hit on Thursday.
The STOXX 600 is on course to rise about 0.3% on the week, its longest streak of gains since April 2021, as optimism stemmed also from China softening its stance on strict COVID curbs that have hit global growth.
(Reporting by Susan Mathew in Bengaluru; Editing by Saumyadeb Chakrabarty)
