European stocks close mixed amid recession fears

By Ovunc Kutlu

ANKARA (AA) - European stocks closed mixed on Friday with fears of a recession in the eurozone.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was up 0.37 points, or 0.09%, to 432.26.

Germany’s DAX 30 increased 78 points, or 0.56%, to finish the last trading day of the week at 14,224.

France’s CAC 40 was the best performer of the day, adding 37 points, or 0.58%, to end the day at 6,594.

Italy’s FTSE MIB rose 61 points, or 0.25%, to 24,455 at the closing bell.

The UK’s FTSE 100, on the other hand, lost 57 points, or 0.78%, to close at 7,318.

Spain’s IBEX 35 decreased 35 points, or 0.43%, to reach 8,098.

Earlier, a European Commission report said that the eurozone is likely to enter a recession in the final quarter of this year due to the energy crisis and high inflation.

"The shocks unleashed by Russia's war of aggression against Ukraine are denting global demand and reinforcing global inflationary pressures," the report said.

"The EU is among the most exposed advanced economies, due to its geographical proximity to the war and heavy reliance on gas imports from Russia. The energy crisis is eroding households' purchasing power and weighing on production,” it added.