European shares bounce as cyclicals, growth stocks find footing
2022.08.08 10:34
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 3, 2022. REUTERS/Staff
(Reuters) – European shares opened higher on Monday, led by cyclical and growth stocks, after clocking falls in the previous week when a strong U.S. jobs report rekindled bets of another aggressive rate hike by the U.S. Federal Reserve.
The pan-European STOXX 600 index added 0.8%, steadying after snapping two weeks of gains on Friday.
Miners, technology and autos, among the hardest hit in the previous week, led early gains on Monday.
Focus shifts to a key inflation data from the world’s biggest economy later in the week, after global stock markets were spooked by data on Friday that showed a large increase in U.S. employment.
Among other stocks, French utility company Veolia rose 3.3% as it confirmed it would sell Suez’s UK waste business to Australia’s Macquarie Group (OTC:MQBKY) Ltd for around 2.4 billion euros ($2.4 billion).
