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European stocks post best week since November 2020

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European shares rose today, adding to the strong gains earlier this week, as investors focused on Russia-Ukraine peace negotiations and digested the talks between U.S. President Joe Biden and Chinese counterpart Xi Jinping.

The benchmark index was headed for its best weekly performance since November 2020 on optimism that peace would be negotiated in the Ukraine conflict that has rattled global markets.

U.S. President Joe Biden and Chinese President Xi Jinping spoke on a video call on Friday about Russia's invasion of Ukraine, and Chinese media said Xi underlined that such conflicts are in no-one's interests. "In European markets, we're very close to the levels we're at before the war. We're very far from pricing a negative scenario here," said Alexandre Deruaz, head of portfolio management at Unigestion.

Crude prices hit as much as $139 a barrel last week on concerns about Western sanctions on Russia, a major commodities exporter, raising concerns about soaring inflation.

 

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