CORRECTED-European shares rise ahead of more big U.S. bank earnings

April 17, 2023 07:01 PM AEST | By Reuters
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(Corrects paragraph four to say bank results are due later this week, not on Monday)

April 17 (Reuters) - European shares rose on Monday as investors bet on big U.S. banks continuing to post strong quarterly results this week, while also looking forward for an end to the Federal Reserve's rate-hiking cycle.

The pan-European STOXX 600 index edged 0.3% higher, after hitting its highest in over a year last week, while the blue-chip STOXX50 index hit a 22-year peak.

Miners led the sectoral gains, rising 1.6%, while technology shares fell 0.6%.

Investors will closely monitor slew of earnings reports led by Goldman Sachs, Morgan Stanley and Bank of America due later in the week.

Last week, Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system.

Commentary from European Central Bank (ECB) officials including President Christine Lagarde will also be on investors' radar.

Shares of Rovio rose 17.8% after Japan's Sega agreed to launch a 706 million euro offer for Angry Birds maker.

John Wood Group added 7% after it decided to engage with Apollo Management for a firm offer from the private equity firm for a final buyout price of 240 pence per share, which values the group at about 1.66 billion pounds ($2.06 billion).

(Reporting by Shubham Batra in Bengaluru; Editing by Nivedita Bhattacharjee)


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