European stocks find support at the end of volatile week

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May 13 (Reuters) – European shares rose in early deals on Friday, stabilising at the end of a volatile week dominated by worries over hot inflation and aggressive monetary policy tightening.

The pan-European STOXX 600 index .STOXX rose 0.7% by 0710 GMT, with banks .SX7P, oil & gas .SXEP and technology .SX8P stocks leading morning gains.

Global markets, particularly U.S. stocks, have gyrated wildly this week as investors priced in tightening financial conditions as the Federal Reserve prepares a series of interest rate hikes to contain a surge in inflation. .N

Despite Friday’s gains so far, the STOXX 600 is set to log its fifth consecutive weekly decline.

Deutsche Telekom DTEGn.DE slipped 0.4% despite reporting quarterly core profit and revenue above market estimates. nL5N2X50PV

Wind turbine maker Vestas VWS.CO dropped 4.4% after Berenberg downgraded the stock to “hold”.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))