European shares open at record high on boost from energy stocks, miners
2024.05.10 03:49
(Reuters) – European shares opened at a record high on Friday, led by energy companies and miners, setting the benchmark index for its biggest weekly gain since late January on growing interest rate cut bets in the region.
The pan-European climbed 0.5% in a broad-based rally, eyeing a 2.8% weekly gain.
Earlier this week, the Bank of England hinted at summer rate cuts and Sweden’s Riksbank delivered its first cut since 2016. Last month, the European Central Bank in its policy meeting signalled a rate cut in June, all underscoring Europe’s divergence from the U.S. Federal Reserve.
Investors awaited minutes from the ECB’s last policy meeting later on Friday.
Basic resources, up 1.4%, topped sectoral gainers tracking higher metal prices, while energy stocks rose 1.1% in line with gains in oil prices.
Iveco Group jumped 4%, after the Italian truck and bus maker reported higher first-quarter operating profit, with margin improving in all business segments.
Zalando rose 3.8% after Berenberg upgraded the German online retailer to “Buy” from “Hold”, while Symrise dropped 1.2% after Berenberg downgraded the German flavour and fragrance maker to “Hold” from “Buy”.
