Wall Street stocks posted strong gains while Treasury yields and the dollar pulled back on Friday. Photograph: Timothy A Clary/AFPEuropean shares rose on Friday as hopes the US Federal Reserve could adopt a measured approach to rate hikes lifted the technology sector, while miners extended their rally on growing bets for a demand recovery in China.
CRH was largely flat, closing at €48.04, but that came after the largest company on the Iseq revealed on Thursday it plans to move its primary stock listing to the US and accelerate its share buyback programme. The news sent its stock soaring, adding €3.89 billion to its market value.
With Shell and BP losing around 1 per cent each, oil and gas was among the worst-performing sector indexes on Friday. Rightmove fell 1.1 per cent after the British property portal reported lower engagement seen on its site during 2022, while oilfield services firm Hunting lost 7.7 per cent after Berenberg downgraded the stock to “hold” from “buy”.European shares climbed on Friday, buoyed by positive data on the recovery in euro zone business activity, the latest piece of data to suggest the bloc would avoid a recession.
Sweden-based Volvo Car added 5.8 per cent after sales grew in February. Lufthansa was up 5.1 per cent after the German airline swung to a “clearly positive result” in 2022.Wall Street stocks posted strong gains while Treasury yields and the dollar pulled back on Friday as data pointing to economic growth boosted risk appetite, even as expectations for rate hikes kept bond yields near multiyear highs.