European stocks rise to highest level in a month

European stocks rose on Friday, and were on track to achieve gains for the second week in a row thanks to positive business results, while inflation data in the United States raised hopes for a cut in interest rates.

The European STOXX 600 index rose 0.3%, recording its highest levels since June 13, led by gains in the telecommunications sector. The consumer price index in America also rose by about 3% in June on an annual basis, compared to an increase of 3.3% in May and expectations that it would record 3.1%.

In addition to the positive inflation data on interest expectations, Fed Chairman Jerome Powell made statements before Congress this week that supported expectations of reducing interest rates, as estimates of starting to reduce them in September reached 90%.