Monday, 17 June 2024

European stocks surge amid optimism after approving US debt ‎ceiling deal


European stocks rose on Friday, led by mining and real estate stocks, as investors breathed a sigh of relief after the US Congress approved the debt ceiling bill and signs that the Federal Reserve may halt its cycle of interest rate hikes later this month.

According to “Reuters”, the European Stoxx 600 index rose 0.5 percent, by 0712 GMT, with shares in sectors such as mining, retail, oil and gas rising.

On Thursday, the US Senate approved a bipartisan bill backed by President Joe Biden to raise the government’s debt ceiling of $31.4 trillion, avoiding what could have been its first-ever default.

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The European real estate index also rose 1.9 percent as government bond yields continued to decline amid indications that price pressures are easing faster than expected in the euro zone.

Shares of German sportswear maker Puma and Adidas rose 3.9 percent and 3.2 percent, respectively, after US retailer Lululemon Athletica raised its annual sales and profit forecasts.