European shares surged at the opening on Friday on the back of a late rally in US markets as investors went bargain hunting.
After a week of volatility, the pan-regional Stoxx 600 index looked set to post a 0.4% gain for the week, rising 1.25% in early deals. All major continental bourses were posting strong gains.
“In the US, a choppy session ended positively for markets as investors sought defensive sectors such as healthcare and consumer staples, typified by companies with strong and stable earnings,” said Interactive Investor head of markets Richard Hunter.
“This approach is not new, but is in continuing reaction to the Federal Reserve minutes from earlier in the week which suggested the likelihood of a more aggressive approach to tackling inflation.”
In equity news, shares in Polymetal fell as accounting giant Deloitte quit as the firm’s auditor due to the gold miner’s ties to Russia.
Banco BPM shares surged after French bank Credit Agricole said it has bought a 9.2% stake in Italy’s third-largest bank.
Swedish truck maker Volvo fell after saying it will take a $423m hit from Russia’s war in Ukraine.
