European stocks advance thanks to energy stocks

European stocks opened higher on Thursday ahead of the long Easter weekend, supported by gains in energy stocks, while the European STOXX 600 index was heading for a second consecutive quarter in the green.

According to Reuters, by 0823 GMT, the European STOXX 600 index rose 0.1% to a new record high.

The benchmark index is moving towards achieving gains for the second consecutive quarter, rising 6.9% so far, supported by the rise in technology stocks against the backdrop of the demand for artificial intelligence and signals of reducing interest rates from major central banks.

Oil and gas stocks provided the greatest support, rising 0.4% as oil prices rose after two consecutive sessions of decline.

However, the market’s focus remains on personal consumer spending data in the United States, scheduled to be released on Friday coinciding with the markets’ close, to provide indications on the timing of the Federal Reserve’s interest rate cut (the US central bank), which may affect other central banks.

Among the gainers, JD Sports rose 8.3, the best performer on the STOXX 600 index, as the sportswear retailer said its pre-tax profits for next year were in line with its expectations.

Casino shares fell 62.5% after the French food retailer completed its financial restructuring.