(Reuters) – European shares gained at open on Friday as investors overlooked an escalation in the conflict in the Middle East and cheered interest rate cut prospects from the European Central Bank (ECB), while shares of Airbus rose on record annual jet orders.
The pan-European STOXX 600 was up 0.9% by 8:16 GMT, and on track for marginal weekly gains.
ECB President Christine Lagarde said on Thursday the “hardest and worst bit” regarding inflation was likely over and that interest rates would be cut if inflation falls to the 2% level.
Oil and gas sector added 1.0%, on an over 2% rise in crude prices, following strikes carried out by the United States and Britain against Houthi military targets in Yemen, adding to fears of further escalation in the Middle East conflict. [O/R]
Meanwhile, French consumer price inflation (CPI) rose 4.1% year-on-year in December, largely due to higher energy and services prices.
Among stocks, Airbus rose 2.2% after the planemaker reported record annual jet orders and confirmed an 11% rise in 2023 deliveries.
(Reporting by Khushi Singh and Shristi Achar A; Editing by Mrigank Dhaniwala)
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