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STOXX 600 set for best week in more than 3 months on US rate cut hopes
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(Reuters) – European shares opened higher for the fourth straight session on Friday as upbeat risk sentiment prevailed across global markets and investors geared up for a September rate cut by the Federal Reserve.
(Reuters) – European shares opened higher for the fourth straight session on Friday as upbeat risk sentiment prevailed across global markets and investors geared up for a September rate cut by the Federal Reserve.
The pan-European STOXX 600 was up 0.3% by 0710 GMT, at two-week highs. The benchmark was set to witness its best week since May 6.
Almost all regional bourses were trading in the green, with Italy’s FTSE MIB outperforming peers with a 2.1% gain.
London’s FTSE 100 ticked 0.2% lower after British retail sales rose 0.5% in July, in line with forecasts.
Bayer rose 7% after it won a legal victory in its fight to limit liability from claims that its Roundup weed killer causes cancer.
Stellantis rose 2.6% despite the European-American automaker being sued by shareholders in the U.S. who said the firm defrauded them by concealing rising inventories and other weaknesses.
UBS gained 1.1% after the Swiss bank said it will liquidate a $2 billion real estate fund it acquired when it bought Credit Suisse.
(Reporting by Pranav Kashyap in Bengaluru; Editing by Mrigank Dhaniwala)
The STOXX 600 is a stock index that represents 600 of the largest companies across 17 European countries, providing a comprehensive view of the European equity market.
Monetary policy refers to the actions taken by a country's central bank to control the money supply and interest rates to achieve macroeconomic objectives such as controlling inflation and stabilizing currency.
A legal victory in corporate terms refers to a favorable outcome in a court case or legal dispute, which can significantly impact a company's financial standing and reputation.
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