Posted By Uma Rajagopal
Posted on June 28, 2024
Energy stocks boost European shares at open
(Reuters) – European shares opened higher on Friday, as firmer crude oil prices lifted energy stocks, though the focus was also on a U.S. inflation print, which could be key in gauging the global monetary policy path.
The pan-European STOXX 600 gained 0.4% as of 0710 GMT, after closing lower for the last three sessions.
Energy gained 1%, tracking higher crude prices, while banks advanced 0.8% early in the session. [O/R]
The U.S. personal consumption expenditures (PCE) data – the Federal Reserve’s preferred inflation measure- is due at 1230 GMT and could play a key role in gauging the central bank’s interest rate outlook.
On the continent, French consumer prices rose 2.5% year-on-year in June, in line with expectations, as per preliminary data.
Among individual stocks, Nokia added 3.5% after the Finnish firm agreed to buy Infinera Corp in a deal with an enterprise value of $2.3 billion.
Britain’s largest sportswear retailer JD Sports fell more than 5% after U.S.-based Nike forecast a surprise drop in 2025 revenue.
(Reporting by Shashwat Chauhan in Bengaluru and Jesus Calero in Gdansk; Editing by Eileen Soreng)
