Tuesday, 28 May 2024

European stocks start Q2 higher, focus on economic data


European stocks opened the second quarter of 2024 higher, with focus on a series of economic data including inflation data from Germany, which could provide clarity on the timing of interest rate cuts from the European Central Bank.

According to CNBC, the European Euronext 100 index rose by 0.77%, or 11.6 points, to levels of 1,538 points, and the European Stoxx 600 index rose 0.3% by, as investors returned to the markets after the long weekend and Easter holiday.

A collective rise in European indices at the opening of the first sessions of the second quarter… and the European Euronext 100 index rose by 0.77%, or 11.6 points, to levels of 1538 points.

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The German DAX index rose 0.3%, ahead of the release of consumer price index data, with economists polled by Reuters expecting an annual increase of 2.2% in March, compared to a 2.5% increase in the previous month.

UBS shares rose 1.2% after the bank announced that it will launch a new share buyback program worth up to $2 billion, with up to half completed in 2024.

British stocks began the second quarter on a positive note, supported by a rise in the shares of energy and metal companies, while HSBC Bank shares rose following the sale of its Canadian unit.

The FTSE100 index, which is focused by global traders, rose 0.5%, while the domestically oriented FTSE250 rose 0.4%. Both indicators touched their highest levels in more than a year.