European stocks climb but face worst weekly drop

European stocks slightly rose today, but they are heading for their worst weekly performance since April, due to rising bond yields and concerns over monetary tightening ahead of upcoming US inflation data. The Stoxx 600 index increased by 0.3% to reach 637.60 points, after a decline in the previous session triggered by the European Central Bank’s decision to raise interest rates and growing inflation fears resulting from higher energy prices, with oil remaining above $100 per barrel. Meanwhile, the stock of Italian company Technoprob rose by 4.7% following the announcement of strong revenues from TSMC, one of its clients.

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