European shares rise on the last day of a painful quarter

European stock indices rose on Friday

European stock indices rose on Friday, the last day of a painful quarter in which stocks took a hit, as investors fretted about the impact of aggressive policy tightening on economic growth and business profits.

The continental STOXX 600 index was up 0.8% by 0713 GMT, led by a 1.5% rise in shares of oil and gas companies, basic resources and banks.

The index fell 5.2% in the July-September period, marking its third consecutive quarterly decline in what will be its longest losing streak since 2011.

The market has been under pressure since the war between Russia and Ukraine earlier this year rocked the region and sent gas prices soaring, triggering runaway inflation and sparking concerns of a central bank-induced recession.

All eyes are on eurozone inflation data for September, which is likely to strengthen the case for another 75 basis point rate hike by the European Central Bank in October. German inflation accelerated to 10.9% this month, well above market expectations.

Among individual stocks, Italy’s Webuild rose 2.4% after the builder said it expected its business results for the year to “significantly beat” forecasts.

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