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European shares rise in first trading session of 2023
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A traditional stock market bell is kept in front of a screen where Sports car maker Porsche is seen on the German DAX after a recent announcement on Deutsche Boerse's DAX indices in Frankfurt, Germany, December 19, 2022. (Reuters/Heiko Becker)
E
uropean shares rose in the first trading session of 2023 on Monday, after a rough year marred with fears of a recession as central banks hiked rates globally and the Russia-Ukraine war.
The pan-regional STOXX 600 rose 0.5 percent by 0810 GMT, supported by rate-sensitive technology stocks. The energy sector added 0.8 percent.
The STOXX 600 ended 2022 with sharp losses, driven by central banks' aggressive policy tightening to rein in soaring prices, economic slowdown, the Russia-Ukraine war that increased inflationary pressures and growing concerns over COVID cases in China.
Germany's finance minister expects inflation in Europe's biggest economy to drop to 7 percent this year and to continue falling in 2024 and beyond, but expects high energy prices to be the new normal.
The German benchmark added 0.5 percent.
London and Dublin stock exchanges will be closed for New Year’s Day, while other European exchanges started the year on a positive note.
Croatia rang in the new year with two historic changes, as the European Union's youngest member joined both the EU's border-free Schengen zone and the euro common currency.
