Strong U.S. earnings lift global equities amid inflation, geopolitical concerns

Strong U.S. earnings lift global equities amid inflation, geopolitical concerns

WASHINGTON - Global equity markets eked out gains on Friday at the end of a tumultuous week dominated by concerns over the Federal Reserve's monetary policy and geopolitical tensions between Russia and the West.

Strong earnings from Apple and other tech firms buoyed U.S. markets during the session but the major indexes remained on course for a weekly drop, as did the pan-European STOXX 600 index, down 1.02% on the day for a fourth week of losses.

Economic reports helped eased inflation fears.

"The widely-watched employment cost index came in a touch softer than expected suggesting wages may start to cool some from here," said Stephanie Roth, a senior markets economist at J.P. Morgan Private Bank.

"Hot wage growth has been a key factor behind the Fed's pivot, so if this trend continues that would relieve some pressure."

MSCI's 50-country main world index gained 0.50% but remained on the brink of its worst January since the 2008 global financial crisis after shedding roughly $7 trillion in value.

The dollar, meanwhile, consolidated gains and was on track for its biggest weekly rise in seven months against other major currencies as markets priced in a year ahead of aggressive hikes in U.S. interest rates.

"The big issue is the