European shares gain on boost from oil, resources sectors
2024.09.11 04:23
(Reuters) – European shares opened higher on Wednesday, boosted by the oil and gas, and the basic resources sectors, while investors awaited a key U.S. inflation reading for clues on the Federal Reserve’s interest rate decision next week.
The pan-European index was up 0.3%, as of 0710 GMT. All regional indexes were trading in the green.
The oil and gas sector boosted the index, with a 1.2% gain as concerns about Hurricane Francine disrupting output in the U.S., outweighed worries. [O/R]
Basic Resources also provided support, gaining 1.6%, as prices rose on a softer U.S. dollar. [MET/L]
With only a handful of economic data out of Europe, investors are laser focused on U.S. consumer price figures set to drop at 1230 GMT.
Britain’s benchmark ticked up 0.4% after estimates of GDP data showed the UK’s economic output showed no change in month-on-month terms in July.
Investors also have on their radar, comments from European Central Bank board member Elizabeth McCaul and the central bank’s supervisor Claudia Buch due later in the day.
Commerzbank (ETR:) surged 15.7%, after Italy’s UniCredit bought a 9% stake in the German bank for 702 million euros ($775.29 million) from the German government.
Rentokil slumped more than 16%, after the British pest control firm said it would cut jobs and flagged a slowdown in its North American revenue.
($1 = 0.9055 euros)
