European shares rise in first trading session of 2023

Germany's finance minister expects inflation in Europe's biggest economy to drop to 7% this year and to continue falling in 2024
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Representative ImageReuters

GERMANY: European 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% by 0810 GMT, supported by rate-sensitive technology stocks. The energy sector added 0.8%. 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% this year and to continue falling in 2024 and beyond, but expects high energy prices to be the new normal. The German benchmark DAX added 0.5%.

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.

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