# European shares end five-day losing streak, still down for the week Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-09-02 Category: INVESTING Category URL: https://financedigest.com/category/investing Meta Title: European stocks rise 2% on US jobs data Meta Description: Pan-European STOXX 600 gains 2% after U.S. hires exceed expectations, easing Fed rate hike concerns. Weekly decline of 2% on energy price worries. URL: https://financedigest.com/european-shares-end-five-day-losing-streak-still-down-for-the-weekhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-09-02t083813z1lynxmpei81099rtroptp4europe-stocks-1736815295151-compressed.jpg) By Anisha Sircar and Shreyashi Sanyal (Reuters) – European stocks rose 2% on Friday, clocking gains for the first time in six days after key U.S. jobs data eased bets of a more aggressive Federal Reserve, but logged their third straight week of [falls on concerns over a spike in energy prices](https://www.financedigest.com/uk-house-prices-stabilise-after-four-month-fall-halifax-says.html "UK house prices stabilise after four-month fall, Halifax says"). The pan-European STOXX 600 rose 2.0%, but clocked a weekly decline of 2%. Data showed U.S. employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate could ease pressure on the [Fed to deliver a third 75 basis point interest rate hike](https://www.financedigest.com/asian-shares-gain-as-fears-about-rapid-fed-hikes-bank-crisis-fade.html "Asian shares gain as fears about rapid Fed hikes, bank crisis fade") this month. If wage growth continues to moderate along with prices for goods and services the Fed may find a window to ease back on the pace of hiking, an event that would surely set up a relief rally in equities,” said Peter Essele, [head of portfolio management at Commonwealth Financial](https://www.financedigest.com/the-hidden-financial-woes-of-international-students-heading-for-the-uk.html "The Hidden Financial Woes of International Students Heading for the UK") Network. Investors sharply raised [bets this week on a large 75 bps rate hike](https://www.financedigest.com/analysis-investors-stick-to-bets-on-early-end-to-ecb-hikes-as-uncertainty-grows.html "Analysis-Investors stick to bets on early end to ECB hikes as uncertainty grows") from the European Central Bank at its meeting next Thursday following hawkish commentary from policymakers and another record high inflation print in August. \[GVD/EUR\] Money markets priced in an 80% chance of a 75 bps [hike at the meeting](https://www.financedigest.com/the-recent-bank-of-england-meeting-the-biggest-rate-hike-recession-warning-and-the-fallout.html "The recent Bank of England meeting, the biggest rate hike, recession warning and the fallout"), compared with less than 50% last Friday, per Refinitiv data. Flows of Russian gas via the [Nord Stream](https://www.financedigest.com/denmark-invites-nord-stream-operator-to-help-salvage-unidentified-object.html "Denmark invites Nord Stream operator to help salvage unidentified object") 1 pipeline to Germany remained at zero on Friday morning after Russia’s Gazprom halted supplies for a three-day maintenance outage on Aug. 31. I think the global economy, especially the [European economy](https://www.financedigest.com/german-economy-expected-to-grow-modestly-in-2023-european-commission.html "German economy expected to grow modestly in 2023 – European Commission"), remains hostage to what Russia decides to do with gas flows, at least for this coming winter. We just have to [brace for more potential trouble coming that way from Russia,”](https://www.financedigest.com/europes-banks-brace-for-russia-fallout-while-u-s-banks-see-limited-pain.html "Europe’s banks brace for Russia fallout while U.S. banks see limited pain") said Andrea Cicione, head of strategy at TS Lombard based in London. [Credit Suisse rose 6.1% following reports that Switzerland’s second-biggest bank](https://www.financedigest.com/bank-shares-rise-after-credit-suisse-rescue-eases-crisis.html "Bank shares rise after Credit Suisse rescue eases crisis") is considering cutting around 5,000 jobs in a cost-reduction drive. Ryanair firmed 2.0% as the Irish low-cost carrier saw a record number of passengers in August for the fourth [straight month](https://www.financedigest.com/spanish-manufacturing-output-down-for-6th-straight-month-in-dec-pmi.html "Spanish manufacturing output down for 6th straight month in Dec -PMI"). Philips slumped to its lowest level since July 2012 after a subsidiary of the [Dutch medical device maker agreed to pay more than $24 million](https://www.financedigest.com/amazon-grants-1-5-million-euros-to-dutch-seaweed-farm-project.html "Amazon grants 1.5 million euros to Dutch seaweed farm project") to resolve alleged false claims over respiratory-related medical equipment, the U.S. Justice Department said. Lacklustre August sales by Volvo [Cars pushed shares](https://www.financedigest.com/car-sharing-industry-revs-up-with-wembley-park-residents-in-the-driving-seat.html "Car sharing industry revs up with Wembley Park residents in the driving seat") of the Swedish automaker down 1.9%. Miners fell the most, shedding more than 6% this week as metals’ [prices dropped on renewed concerns that China’s zero-tolerance COVID-19 policy and rate hikes](https://www.financedigest.com/shares-fall-with-oil-prices-amid-concerns-about-u-s-fed-rate-hikes.html "Shares fall with oil prices amid concerns about U.S. Fed rate hikes") would dent demand for commodities. \[MET/L\] ![](https://www.globalbankingandfinance.com/wp-content/uploads/2022/09/Euro.jpg) (Reporting by Anisha Sircar and Shreyashi Sanyal in Bengaluru; Additional reporting by Shashwat Chauhan; Editing by Sherry Jacob-Phillips and Mike Harrison) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---