European shares log weekly gains, UK’s blue-chip index hits record high

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European shares rose on Friday, boosted by gains in healthcare and energy firms, as optimism over the outlook for the region’s economy overshadowed concerns about U.S. interest rates staying elevated for longer than expected.

The pan-European STOXX 600 reversed early losses and ended up 0.3% at its highest since April last year. The index notched gains for the second straight week.

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London’s blue-chip FTSE 100 briefly hit a new record high on Friday, marking a potential turning point for UK assets. The index closed up 1%.

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European equities rallied in the previous session on hopes that the global rate-hiking cycle was…