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European shares climb on the last day of painful quarter

09/30/2022 | 03:34am

(Reuters) - European stock indexes rose on Friday, the last day of a painful quarter that saw shares take a beating as investors worried about the impact of aggressive policy tightening measures on economic growth and corporate earnings.

The continent-wide STOXX 600 index was up 0.8% by 0713 GMT, led by a 1.5% climb in beaten-down shares of oil and gas companies, basic resources and banks.

The index was down 5.2% for the July-September period, set to notch its third straight quarterly decline in what will be its longest such losing streak since 2011.

The market has been under pressure since the Russia-Ukraine war earlier this year jolted the region and sent gas prices soaring, which led to rampant inflation and sparked concerns about a central bank-induced recession.

All eyes are on September eurozone inflation data that will likely strengthen the case for another 75 basis points rate increase by the European Central Bank in October. German inflation accelerated to 10.9% this month, far beyond market expectations.

Among single stocks, Italy's Webuild rose 2.4% after the builder said it expected its commercial results for the year to "significantly exceed" guidance.

(Reporting by Devik Jain in Bengaluru; Editing by Savio D'Souza)

Reuters 2022
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