European shares rebound after worst weekly performance in over a year
2024.09.09 03:35
(Reuters) – European shares began the week on a positive note after the benchmark index saw its worst day in over a year on Friday, while investors await a slew of economic data and expect the European Central Bank to cut interest rates later in the week.
The pan-European index was up 0.5% by 0711 GMT on Monday, after it logged its worst weekly performance since October 2023.
All regional bourses also advanced.
Investors will parse through consumer price figures from Germany, Spain and France set to drop later in the week. Britain’s employment and GDP data are due on Tuesday and Wednesday, respectively.
However, taking centre stage, is the ECB’s refinancing rate decision due on Thursday, where it is widely expected to cut rates by 25 basis points.
A 1% gain in tech stocks, boosted the benchmark index.
The travel and leisure outperformed other sectors, rising 1.3%. The sub-index was boosted by a 5.2% gain in Entain after the British gambling group said the second half of this year started better-than-expected.
Adidas AG (ETR:) lost 3% after Barclays downgraded the stock to “equal weight” from “overweight”.
