London, Friday, 15 July 2022
On Friday, European equities recovered after a two-day decline, with the Stoxx 600 adding 1.8 percent and the Dax rising 2.5 percent, driven by an increase of 4 percent in the automakers' index.
The mining industry underperformed as Rio Tinto warned that labour constraints due to the opioid crisis in Western Australia and rising inflation will affect its underlying profitability in the second half. Shares of retail and technology companies also increased.
Germany's Uniper had a gain of more than 6% among single stocks after Fortum reportedly stated that it was compelled to evaluate all possibilities in order to ensure the security of the European energy markets.
After the Italian President asked Mario Draghi to reconsider his retirement, the political unrest in Italy remained in the public eye.
The focus of traders now shifts to the ECB's monetary policy announcement next week, when the institution is expected to announce its first rate hike in 11 years. On the week, worries over a shortage of energy supplies caused the DAX to drop by almost 2% and the Stoxx 600 to drop by 0.8%.
(Source: Trading Economics // Edited by: The Decision Maker – Finance editors)