STOXX 600 set for best week in more than 3 months on US rate cut hopes

Published On : 08/16/2024

(Reuters) – European shares opened higher for the fourth straight session on Friday as upbeat risk sentiment prevailed across global markets and investors geared up for a September rate cut by the Federal Reserve.

The pan-European STOXX 600 was up 0.3% by 0710 GMT, at two-week highs. The benchmark was set to witness its best week since May 6.

Almost all regional bourses were trading in the green, with Italy’s FTSE MIB outperforming peers with a 2.1% gain.

London’s FTSE 100 ticked 0.2% lower after British retail sales rose 0.5% in July, in line with forecasts.

Bayer rose 7% after it won a legal victory in its fight to limit liability from claims that its Roundup weed killer causes cancer.

Stellantis rose 2.6% despite the European-American automaker being sued by shareholders in the U.S. who said the firm defrauded them by concealing rising inventories and other weaknesses.

UBS gained 1.1% after the Swiss bank said it will liquidate a $2 billion real estate fund it acquired when it bought Credit Suisse.

(Reporting by Pranav Kashyap in Bengaluru; Editing by Mrigank Dhaniwala)

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