European Stocks Bounce But Head for Worst Week Since April

European stocks made a marginal gain on Friday, but the broader market trend was firmly negative. The pan-European STOXX 600 index rose by 0.3% to 637.60 points, but this slight increase came at the end of a week that is likely to see significant losses.

The European Central Bank's decision to raise interest rates as expected on Thursday, coupled with warnings about higher inflation, has weighed heavily on investor sentiment. Energy prices have surged due to the prolonged Middle East conflict, and this has contributed to the ECB's hawkish stance.

Oil prices remained above $100 for a third day, adding to the pressure on bond yields across the globe. The U.S. 10-year Treasury yield hovered just below the closely watched 5% level, while the German 10-year yield stayed near multi-decade highs.