STOXX 600 set to break 3week losing streak
Tech stocks lead morning gains
Zalando plunges after profit warning

June 24 Reuters European stocks rose on Friday, led by defensive and technology names, as investors pivoted to safer bets amid growing worries that tighter monetary policies and surging inflation will cause a global recession.

The panEuropean STOXX 600 index rose 1.1 after hitting a fresh 2022 low in the previous session when weakerthanexpected euro zone business activity data weighed on sentiment.

Still, the benchmark was on track to post small weekly gains, boosted by technology, personal household goods and healthcare sectors.

Trading has remained volatile in recent days as investors fear that rising interest rates and soaring inflation will sharply slow earnings and economic growth, sending commodity prices and government bond yields tumbling this week.

Talks of a recession have gone up significantly and dented commodity prices and caused bonds to rally. That39;s certainly helped equity markets, said Roger Jones, head of equities at asset manager London Capital.

Cyclical stocks have started to selloff inline with PMIs and defensive stocks have held up pretty well.

The Ifo Institute39;s survey showed German business morale fell more than expected in June, as rising energy prices and the threat of gas shortages unsettled businesses in Europe39;s largest economy.

Earlier, data showed British consumers cut back on shopping in May in the face of…