Economic news

European shares rise as earnings take centre stage; Powell’s comments on tap

2024.07.10 03:53

(Reuters) – European shares advanced on Wednesday as earnings grabbed focus and investors awaited comments from Federal Reserve Chair Jerome Powell’s second day of testimony before Congress following his cautious remarks on rates on the first day.

The pan-European rose 0.2% by 0711 GMT, led by a 0.6% gain in travel and leisure shares.

Powell on Tuesday said inflation “remains above” the Fed’s 2% target, but has been improving in recent months and “more good data would strengthen” the case for central bank interest rate cuts.

Among stocks, Direct Line declined 0.5% after the British insurer plans to pay around 60% of its operating earnings as regular dividend.

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 4, 2024.     REUTERS/Staff/File Photo

UK’s Barratt Developments (LON:) slid 2.8% as the homebuilder forecast a fall of up to 7% in its home-building targets for fiscal year 2025, as high mortgage rates and broader economic concerns hold back recovery in the country’s housing sector.

Travis Perkins (LON:) jumped 2.6% after British construction materials firm named Pete Redfern as its new CEO, succeeding Nick Roberts who will step down on Sept. 16 after five years at the helm.



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