European stocks rose on Friday to extend gains from the previous session amid hopes that U.S. inflation may have peaked around 8 percent and would trend lower in the coming months. <\/p>\n
Investors also cheered reports of potential fiscal plan U-turn. Media reports suggest that the British government will announce a U-turn on elements of its 43-billion-pound package of unfunded tax cuts that sparked turmoil in financial markets<\/span> over the past few weeks.<\/p>\n The pan European Stoxx 600 climbed 0.9 percent to 392.72, while the German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were up between 0.7 percent and 1 percent. <\/p>\n Dutch navigation and digital mapping firm TomTom plunged 9.5 percent after posting a narrower loss in Q3.<\/p>\n Swiss banking software group Temenos plummeted 23 percent after slashing its 2022 guidance. <\/p>\n UPM-Kymmene surged 4.3 percent. The Finnish forestry firm posted higher Q3 results and forecast improved adjusted EBIT for 2022.<\/p>\n Royal Mail shares slumped 12 percent. The postal service expects operating loss of about \u00a3350m in year to end of March, which could rise to \u00a3450m. <\/p>\n Diageo rose about 1 percent after it unveiled plans to increase its stake in East African Breweries.<\/p>\n Ashmore declined 2.2 percent after the investment manager said its assets under management slipped by $8 billion in its first quarter.<\/p>\n