The Stoxx 600 was up 0.4% by the close, after hitting its lowest since March 28 in the previous session. Miners and banks jumped, while utilities and food and beverage stocks underperformed.
In individual stock moves, Schott Pharma AG shares surged on their first day of trading after the drug-industry supplier raised €813 million in an initial public offering, the biggest in Germany this year. AMS-Osram AG slumped after the Swiss chipmaker announced a rights issue. Meanwhile, the narrative of higher-for-longer-rates continues to sap risk sentiment, creating a difficult backdrop for investors. Europe’s benchmark stock index is heading for its first quarterly drop in 2023 as investors also worry about a stunted economic recovery and the impact of the property crisis in China.
“Making calls on interest rates is risky business and economists and central bankers are notoriously bad at it,” said Ludovic Labal, a fund manager at Banque Eric Sturdza. The outlook for UK stocks, however, has improved with higher oil prices set to boost the commodity-heavy FTSE 100 index. The gauge, whose constituents get about three-quarters of their revenue from international markets, have also benefited from a weaker pound. HSBC Holdings Plc strategist Max Kettner became the latest this week to sound more optimistic about UK equities.
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