UPDATE 2-European stocks mark positive end to volatile week

Reuters

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    * STOXX 600 rises for first week in five
    * Casino jumps as TotalEnergies, Engie eye renewables arm 
    * Vestas slides after Berenberg downgrade

 (Adds comments, updates prices throughout)
    May 13 (Reuters) - European shares rose on Friday, closing
higher for the first time in five weeks, as a bout of bargain
hunting took over after worries about aggressive monetary policy
tightening and slowing global growth.
    The pan-European STOXX 600 index  .STOXX  rose 2.1%, with
travel and leisure  .SXTP , banks  .SX7P  and personal and
household  .SXQP  stocks leading gains.
    "Equity markets are showing strong gains as bargain hunters
have snapped up stocks," said David Madden, market analyst at
Equiti Capital. 
    "This week, markets were plagued by fears of high inflation,
worries about more interest rate hikes, and concerns about the
ongoing war in Ukraine." 
    Global markets, particularly U.S. stocks, have gyrated
wildly this week as investors feared that tightening financial
conditions, with the Federal Reserve preparing for a series of
interest rate hikes to contain a surge in inflation, will tip
the economy into recession.  .N 
    Fed Chair Jerome Powell repeated on Thursday his expectation
that the central bank will raise interest rates by half a
percentage point at each of its next two policy meetings, easing
worries about a bigger 75 basis point rate hike that some
investors were expecting.  urn:newsml:reuters.com:*:nL2N2X433H
    Including Friday's gains, the STOXX 600 snapped its
four-week losing streak.
    "The risks are to the downside with huge jump in economic
uncertainty and large real disposable income shocks for
households," Deutsche Bank economists said in a note.      
    Among individual stocks, Deutsche Telekom  DTEGn.DE  gained
2.1% after it raised its annual earnings guidance.  urn:newsml:reuters.com:*:nL5N2X50PV
    Wind turbine maker Vestas  VWS.CO  dropped 4.4%, after
Berenberg downgraded the stock to "hold".
    Shares of French retailer Casino  CASP.PA  jumped 9.9% after
French energy giant TotalEnergies  TTEF.PA  and power company
Engie  ENGIE.PA  were eyeing the acquisition of its renewable
energy unit valued at around 1.5 billion euros ($1.6 billion),
reported Les Echos.  urn:newsml:reuters.com:*:nL5N2X54PT
    Norwegian Air  NAS.OL  gained 2.4%, as the airline posted a
quarterly loss and said the surge in fuel costs would partly
offset the effects of increased summer bookings.  urn:newsml:reuters.com:*:nL2N2X5088

 (Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru;
Editing by Subhranshu Sahu, Rashmi Aich and Alison Williams)
 ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961
144 3740; Twitter: https://twitter.com/s_shreyashi;))

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