European shares climb ahead of economic data, Fed’s Powell remarks
2023.12.01 03:49
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© Reuters. FILE PHOTO: People buy food at a market in Budapest, Hungary, December 3, 2022. REUTERS/Marton Monus/File Photo
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(Reuters) – European shares gained on Friday as investors cheered growing prospects of rate cuts on cooler-than-expected inflation prints, while keeping an eye out for more economic data and Federal Reserve Chair Jerome Powell’s remarks.
The pan-European was up 0.5% at 0810 GMT in a broad-based rally, after logging its strongest monthly gain of 6.4% in November since the start of the year.
It is also on course to log its third straight weekly gain, led by technology and financial services shares.
Miners were the top sectoral gainers in early trading, up 2.1% following higher metal prices.
All eyes will be on the eurozone’s manufacturing PMI and comments from Fed’s Powell later in the day for further clues on global policy outlook after data out of Europe and the United States on Thursday reflected a sustained drop in inflation.
Bechtle AG dropped 3.9% to the bottom of the STOXX 600 after announcing a convertible bond offering.
Struggling Swedish streaming company Viaplay tanked 79.1% to a record low on plans to raise new equity and restructure its debt.
