Saturday, 13 April 2024

European stocks rise led by tech sector


European stocks started the month higher on Friday, supported by a rise in global stocks after positive US data on inflation, while investors hope that inflation in the euro zone will take a similar downward trend and look for new signs of easing monetary policy.

According to Reuters, the European STOXX 600 index rose 0.4% by 8:11 GMT, but it is heading towards the first weekly decline in more than 6 weeks. Technology stocks led the sectors’ gains by rising 1.1%.

Euro zone consumer price data for February will be released at 1000 GMT and is expected to show that inflation in the region, which rose to double digits in 2022, is moving towards its two percent target.

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In corporate updates, Daimler Truck shares jumped more than 11% after the German truck manufacturer increased dividends and announced a share buyback program on the back of achieving better-than-expected profits in 2023 before deducting taxes.