Posted on November 8, 2022 European stocks closed last week with significant gains after better-than-expected US employment data and rumors of a reopening in China. In the United States, non-farm payrolls for the month of October were 261,000, a figure lower than the figure for the previous month (315,000), but higher than the figure estimated by market analysts (200,000) and the unemployment rate rose slightly from the low of the previous month 3.5%, up from the current 3.7% in October. The Euro Stoxx 50 advanced 2.65%, to 3,688 points, while the Ibex 35 closed with a rise of 0.94%, to 7,942 points. The US jobs data brought optimism to European stocks and opens the door for the Federal Reserve to make smaller rate hikes in the future. The sectors with the greatest advances occurred in the luxury and mining sectors. Adidas rose 21% after announcing the change of its CEO, while stocks such as Prosus, Vonovia and Kering closed the day with advances above 7%. The only values that closed with losses were Adyen (-1.68%), Iberdrola (-1.19%) and Deutsche Boerse (-0.75%). The Ibex 35 lagged behind in Europe, although it has already accumulated three weeks of progress, the latter by 0.3%. The sectors with the best performance within the Spanish selective were consumer goods, telecommunications and construction. The best value of the session was Arcelormittal, with a rise of 6.59%, followed by Acerinox (+4.94%) and Fluidra (+4.11%). Laboratories Pharmaceuticals Rovi finished at the bottom, with a drop of 13.32%, followed by Bankinter (-4.40%) and Caixabank (-3.44%). Wall Street indices closed Friday with gains of around 1.3%, in a volatile session after a mixed employment report, but finally ended with advances thanks to sectors such as basic materials, finance and industry. The Dow Jones gained 1.26%, while the S&P 500 rose 1.36% and the Nasdaq advanced 1.28%. Especially hard week for the technology sector with sharp falls in the big representatives of the sector: Apple -11%, Amazon -12% and Microsoft -6%.
Strong gains in the European stock markets, with the IBEX 35 trailing
