(Reuters) – European shares ticked higher on Friday, set to gain for a fourth consecutive session and clawing back nearly all the losses from the start of the week when fears of a U.S. recession triggered a global sell-off.
The STOXX 600 ticked 0.3% higher by 0708 GMT as a U.S. jobs report overnight further helped calm investor’s nerves over the state of the world’s biggest economy.
The four-session rally, last seen nearly three months ago, cut the pan-European index’s weekly loss to a marginal 0.02%.
Basic resources climbed 1.4% on the day, in tandem with base metal prices as they rebounded on U.S. data. [MET/L]
Overnight, data showed U.S. jobless claims fell more than expected last week, suggesting fears of an unravelling labour market were overblown.
Those fears were triggered by a bleak U.S. nonfarms payroll report, which sparked a global sell-off on Monday. However, since then, economic data and comments from U.S. central bank officials have helped ease those concerns.
Among individual stocks, LEG Immobilien, one of Germany’s largest listed landlords, jumped 5% after it posted a smaller second-quarter loss.
The stock also helped lift the real estate sector up by 1.3%.
(Reporting by Pranav Kashyap in Bengaluru; Editing by Savio D’Souza)
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