European Shares Extend Gains On Fed Rate Cut Hopes
(RTTNews) - European stocks traded higher for a third straight session on Friday as surprising soft U.S. inflation data bolstered hopes for two Federal Reserve rate cuts this year.
Trading later in the day may be impacted by data on U.S. producer price inflation along with a report on consumer sentiment, which includes readings on inflation expectations.
Focus also shifts to the earnings season, with reports from financial giants JPMorgan Chase, Wells Fargo and Citigroup awaited.
The pan European STOXX 600 was up 0.3 percent at 521.05 after rising 0.6 percent on Thursday.
The German DAX gained 0.3 percent, France's CAC 40 added 0.7 percent and the U.K.'s FTSE 100 was up 0.2 percent.
Swedish telecom company LM Ericsson jumped 3.7 percent after EBITA, a key earnings metric, beat analysts' expectations in the second quarter.
Similarly, Lifco AB soared 10 percent after posting better-than-expected quarterly earnings.
Aker Solutions ASA surged 6.8 percent after its second-quarter profit beat expectations.
Specialist fund manager Ashmore Group fell 2.3 percent after an update that its assets under management decreased by $2.4 billion over the period quarter ended 30 June 2024.
Drug maker AstraZeneca rose about 1 percent, after having outlined its 'bold ambition' to deliver $80bn revenue by 2030 during its recent Investor Day. Peer GSK rallied 1.4 percent.
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