European shares rebound after Friday’s US jobs data hammering

An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR

Focus shifts to a key inflation data from the world’s biggest economy later in the week. Global stock markets were spooked on Friday after data showed a large increase in US employment, denting hopes that the Fed might let up in its series of rate hikes aimed at taming surging inflation. “Lower savings by households are supporting consumer spending, the eventual outcome could be a soft landing but the risk remains of a slump,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.

Meanwhile, the European healthcare sector missed out the broader rally, up 0.1%, after the US Senate on Sunday passed a bill intended to lower drug prices among other things.French utility company Veolia rose 1.9% as it confirmed it would sell Suez’s UK waste business to Australia’s Macquarie Group for about €2.4bn .

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