Saturday, 2 March 2024

European stocks track Wall Street’s rise, eyes on economic data

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European stocks rose on Monday, tracking the rise of Wall Street, which saw the Standard & Poor’s 500 index close above five thousand points for the first time, while investors focused on corporate results and economic data to draw expectations about the European Central Bank’s interest rate decisions.

According to Reuters, the European STOXX 600 index rose 0.3% by 0810 GMT, with stocks in all sectors rising except for energy stocks, which fell as a result of the decline in oil prices.

Shares of Italian companies rose 0.6%, outperforming their counterparts in the region in early trading.

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Investors on the other side of the Atlantic are awaiting the release of consumer price index data for January in the United States on Tuesday, searching for indications of when the Federal Reserve (the US central bank) will make a possible cut in interest rates.

Tod’s shares rose 17.4% after direct investment company L. Catterton said it would offer to buy 36% of the luxury shoe maker for 43 euros per share.

Novo Nordisk shares increased 1.2 percent after a report stated that Novo Holdings, its shareholder, intends to invest up to seven billion dollars annually by 2030.

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