Thursday, 25 July 2024

European stocks steady, focus turns to Fed meeting


European stock markets opened stable on Tuesday, after suffering losses in the previous session due to political uncertainty in France, while traders’ attention turned to the US Federal Reserve’s Open Market Committee meeting.

The European STOXX 600 index rose 0.07% to 522.52 points by 07:26 GMT, supported by gains of 0.5% for retail sector stocks, according to Reuters.

The benchmark CAC 40 index in France rose 0.2%, rising again from a decline of more than 1% yesterday, Monday, after President Emmanuel Macron called for early elections.

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The basic resources index led declines, falling 1.3%, with global basic metal prices affected by the weakness of the yuan.

The sector’s losses increased as Rio Tinto’s shares fell 1.9%, after the giant mining company said that it would buy Mitsubishi Corp’s 11.65% stake in Bowen Smelters for an undisclosed sum.

The markets’ focus has shifted to the Federal Reserve’s decision tomorrow, Wednesday, regarding interest rates, which will help markets anticipate the timing of the largest interest rate cut.