European Stocks Bounce but Remain on Track for Worst Week Since April

European stocks rose on Friday but remained poised for their worst weekly performance since April due to concerns over aggressive interest rate hikes and elevated bond yields, according to Reuters.

The pan-European STOXX 600 index gained 0.3% to 637.60 points by 0716 GMT, after closing at a two-month low in the previous session.

The European Central Bank's hawkish stance weighed on investor sentiment as it raised interest rates as expected but warned that inflation could rise further due to surging energy prices amid the prolonged conflict in the Middle East.