Nov 3 (Reuters) – Europe’s benchmark STOXX 600 index rose on Friday, led by auto stocks, boosted by optimism that monetary tightening by major central banks is likely to end. It was the highest week since March.
The pan-European index (.STOXX) rose 0.3% by 0810 GMT, buoyed by strong earnings results and signs of slowing inflation.
Investor expectations that interest rates have peaked have been confirmed by recent holds by the Federal Reserve, Bank of England, European Central Bank and others.
Auto stocks (.SXAP) led the sectoral gains, with BMW (BMWG.DE) up 2.6% in the third quarter on strong auto margins and Volvo Cars (VOLCARb.ST). It rose 4.6% following October sales.
ANDRITZ (ANDR.VI) rose 6.5% after J.P. Morgan upgraded the Austrian industrial equipment maker from “neutral” to “overweight” due to a strong order backlog pointing to next year’s outlook. It became the top of the STOXX 600 index.
Shipping group AP Moller-Maersk (MAERSKb.CO) fell 9.2% after its third-quarter results.
Report by Ankika Biswas in Bengaluru. Edited by: Varun HK
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