Thursday, 23 May 2024

Blue chips support European stocks amid interest rate cut hopes

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European stocks opened higher on Friday, supported by gains in blue-chip stocks, while investors remained optimistic after the European Central Bank hinted that it may begin cutting interest rates in June.

According to Reuters, the European Stoxx 600 index rose 0.9%, and is heading towards achieving a weekly gain of 0.4%, while the leading stock index rose 1.1%.

The Basic Resources Index led sector gains, advancing 2 percent following a slight rise in basic metal prices.

Shares in the region’s major economies, such as Germany, France, Spain and Italy, rose by between 0.5% and 1.0%.

Varta shares fell 32.6% to a record low and is on track to record its worst daily performance since September 2022, after the German battery maker said that its restructuring plans would fail to achieve profitability by 2026.

The FTSE 100 index rose 0.8% after data showed that economic output in the United Kingdom grew for the second month in a row in February and the January reading was revised upward.

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