European shares advance on rate optimism; UK elections in focus
European shares rose Thursday due to Fed rate cut prospects, weak U.S. data, and Labour gains. FTSE 100 rose by 0.5%, STOXX 600 by 0.3%, led by banks and Continental's 9.6% rise. German industrial orders fell 1.6% in May. Roche fell 2.3% after halting a lung cancer drug trial. Ericsson slipped 1.5% after 11.4 billion crown impairment charge.
climbed on Thursday boosted by optimism on interest rate cuts by the after weak U.S. data, while gained as voting began in the UK with opinion polls predicting a historic win for the .The pan-European rose 0.3% by 0710 GMT, led by gains in the .
Automobiles added 0.8%, mainly driven by German automotive supplier Continental jumping as much as 9.6%.
The UK's FTSE> advanced 0.5% as markets waited to see just how large a majority the Labour Party might get.
Weak U.S. data boosted sentiment on rate cuts as first-time applications for U.S. unemployment benefits increased last week, indicating a cooling labour market.
German industrial orders fell unexpectedly in May, declining by 1.6% on the previous month on a seasonally and calendar adjusted basis.
Among other movers, Roche dropped 2.3% after it announced plans to halt a trial for its experimental lung cancer drug due to lackluster results.
Sweden's Ericsson slipped 1.5% after the telecoms equipment maker recorded another impairment charge of 11.4 billion Swedish crowns ($1.09 billion) in the second quarter of 2024.
Source: Stocks-Markets-Economic Times
