European stocks rose significantly after the release of the US jobs report

European stocks ended trading with strong gains on Friday. There was a party in the stock markets, especially after the release of the jobs report in the US. All AEX funds on Beursplein 5 closed higher. Telecom group KPN finished flat. The AEX index rose 1.7 percent to close at 678.57 points.

US job growth was much slower than a month ago. However, the numbers were better than expected. The US jobs report plays a key role in the Federal Reserve’s interest rate policy. The Federal Reserve has been aggressively raising interest rates in the US to combat high inflation. There are concerns in financial markets that interest rate hikes could lead to an economic slowdown.

Chip majors ASMI, Besi and ASML led the AEX index with gains of up to 4.8 percent. Meal order company Just Eat Takeaway and steel group ArcelorMittal were also at the top of the leading index.

Shell benefited from higher oil prices and rose 1.7 percent. Shell CEO Ben Van Beurten will step down next year, Reuters news agency reported. Van Beurden has been CEO of the oil and gas group since January 2014.

Phillips gained 0.8 percent, paring earlier losses. The company is paying more than $24 million in the U.S. for allegedly misleading U.S. health insurance plans. With the settlement, the healthcare technology company and Justice in America put an end to the problem. Prosecutors alleged that a subsidiary of Philips paid bribes to suppliers of medical equipment.

In the MidKap, InPost, a Polish provider of parcel lockers, continued its progress with a 6 percent gain. On Thursday, prices rose nearly 9 percent after well-received results. Midcap rose 2.1 percent to close at 927.19 points.

Indicators rose to 3.3 percent in Frankfurt, Paris and London. U.S. crude was up 2.1 percent at $88.39 a barrel, while Brent was almost 2 percent higher at $94.15 a barrel. The euro was at $1.0030, down from $0.9940 at the close of European stock markets a day earlier.