European shares rise on hopes of end of US rate-hike cycle

April 14, 2023 05:31 PM AEST | By Reuters
Follow us on Google News:
Image source: Reuters

(Reuters) - European shares rose on Friday and were set for a fourth straight weekly gain, buoyed by hopes that the U.S. Federal Reserve could soon pause its aggressive interest rate-hike cycle following cooler-than-expected inflation in March.

The pan-European STOXX 600 index was up 0.3% by 0707 GMT, after data showed overnight that U.S. producer prices unexpectedly fell in March. Real estate shares led the gains, rising 0.7%, while insurance-sector shares slid 0.6%.

The blue-chip STOXX 50 index held on to its 22-year highs hit on Wednesday, adding 0.3%.

Hermes added 0.9% as the Birkin bag makers sales rose 23% in the first quarter, above market expectations.

TomTom jumped 11.8% as the Dutch navigation and digital mapping company reported better-than-expected revenue for the first quarter.British veterinary pharmaceuticals firm Dechra, jumped 37%, as the company said it had entered into talks with private equity group EQT for a possible offer in a 4.63 billion pound ($5.80 billion) all-cash deal.

Investors will closely monitor U.S. earnings starting later in the day with focus on big banks including JP Morgan Chase & Co, Wells Fargo and Citigroup, as last month's regional banking crisis and a slowing economy cast a shadow over the banking sector.

(Reporting by Shubham Batra in Bengaluru; Editing by Rashmi Aich)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK