Stock Market News

European shares rise on tech boost, inflation data in focus

2024.11.28 03:50

(Reuters) – Tech shares led the gains as Europe’s main stock index opened higher on Thursday, rebounding from a two-day fall that was steered by economic and political instability in France and the prospects of U.S. tariffs.

The pan-European index was up 0.6% at 0815 GMT, with some key inflation reports in focus to gauge the path of rate cuts.

Tech shares jumped 1.85% as chip companies gained after Bloomberg reported that the U.S. administration’s China chip curbs could be less severe than expected.

ASM International (AS:), BE Semiconductor and ASML (AS:) gained around 4% each.

France’s blue-chip index was up 0.5% after sliding to August lows in the previous session.

French Prime Minister Michel Barnier’s government’s future looks bleak, with his struggles to push the 2025 budget through a polarised parliament increasingly likely to topple his fragile coalition. A poll showed that 53% of French people want the government to fall.

Spain’s preliminary data showed headline inflation for November rose to 2.4% from 1.8% in October, in line with expectations.

Germany’s inflation data is due later and will help gauge the European Central Bank’s rate-cut trajectory, a day after stubbornly strong U.S. inflation data prompted worries the Federal Reserve may be cautious about policy easing.

© Reuters. FILE PHOTO: The Euronext stock exchange is pictured at the La Defense business district in Paris, France, September 30, 2022. REUTERS/Benoit Tessier/ File Photo

Trading volumes are expected to be light with the U.S. market shut for the Thanksgiving holiday.

Among individual stocks, UK’s Direct Line (LON:) Insurance soared over 36% in early trade after it rejected a 3.28 billion pound ($4.16 billion) takeover offer from bigger rival Aviva (LON:).



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