London — European shares rebounded on Friday but world stocks were still on track for their first weekly loss in four as the prospect of aggressive global rate hikes and geopolitical risks rattled investors.
The pan-European Stoxx 600 was 1.3% higher as markets in Europe played catch-up with a modest bounce seen on Wall Street on Thursday. French presidential election risk was evident in bond markets with French borrowing costs rising, compared to a general fall in yields of core European government bonds.
A Le Pen victory, while still unlikely, is now within the margin of error before the first round of voting on Sunday, opinion polls show. The benchmark 10-year yield is up almost 27 bps to 2.6584% this week but was steady in early European trade.
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Stocks set for weekly drop as rate hikes weigh on investorsBonds fall and the dollar is on track for its best week in a month
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