European Stocks Surge Amid Eurozone Inflation Fears
European stocks rose on Friday but were set for their biggest weekly decline in about two months due to elevated bond yields and concerns over aggressive interest rate hikes.
The pan-European STOXX 600 was up 0.4% at 638.63 points by 0837 GMT, while other major regional bourses also traded higher.
Eurozone inflation worries have been fueled by a prolonged Middle East conflict and escalating US-Iran attacks on military, shipping, and energy assets since late August.
Oil prices pushed above $100 a barrel, reviving concerns about fuel-dependent inflation in the euro zone and complicating the European Central Bank's fight against price pressures.
The German 10-year yield stayed near multi-decade highs, while the U.S. 10-year Treasury yield hovered below the closely watched 5% level.