European shares rise cautiously after two-day decline
2022.06.02 10:55
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 31, 2022. REUTERS/Staff
(Reuters) – European shares bounced back on Thursday, led by tech and healthcare names, with gains limited by a slide in energy stocks and worries over slowing economic growth.
The pan-European STOXX 600 index rose 0.4% by 0719 GMT. Volumes are expected to be subdued as London markets are closed for Queen Elizabeth’s Platinum Jubilee bank holidays.
Oil stocks slipped as crude prices fell on reports that Saudi Arabia may boost production in response to urging from the United States. An OPEC+ meeting was also eyed for production clues. [O/R]
Euro zone producer prices data for May, due in the morning session, is expected to show that prices likely fell month-on-month but gained year-on-year.
Investors will also be watching U.S. private employment data due later in the day.
Fears about slowing growth have gripped markets recently as inflation surges and central banks scramble to tame it without tipping economies into recession. The STOXX 600 is on course to end the week about 0.8% lower.
Among other stocks, Scandinavian Airline SAS jumped 4.4% on a report that a group of foreign investors is exploring a takeover.
