European stocks rally after a rollercoaster week

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European stocks recovered some lost ground on Friday after a brutal week highlighted by growing concerns over the energy crisis, searing inflation data and sharply higher bets of an aggressive rate hike by the European Central Bank expected next week.

The pan-European STOXX 600 rose 0.7%, snapping five losing sessions, although the index was set for a weekly loss of almost 4% – its third straight weekly decline.

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Shares of Credit Suisse rose 3.2% after a source told Reuters that Switzerland’s second-biggest bank was considering cutting around 5,000 jobs as part of a cost-cutting campaign.

Auto and technology stocks led the gains, rising 1.5% and 1.4%, respectively.

Among other shares, Equinor fell 1% after the Norwegian energy group said it had completed its exit from Russia.

Ryanair firmed nearly 2% as the low-cost carrier saw record passenger numbers in August for the fourth consecutive month and cemented its position as Europe’s top airline by passenger numbers. (Reporting by Anisha Sircar in Bengaluru; Editing by Sherry Jacob-Phillips)