European stocks rise amid optimistic sentiment, expected inflation statistics
Date
2/28/2024 3:27:46 AM
(MENAFN) European Stocks experienced a marginal uptick on Tuesday, buoyed by gains in basic resources stocks and optimistic expectations surrounding corporate earnings. Investors and central bankers remained attentive to forthcoming inflation data, which held the potential to influence the trajectory of interest rates. The European STOXX 600 index edged up by 0.1 percent as of 0821 GMT, reflecting cautious optimism among market participants.
Notably, basic resource stocks led the sectors' gains, surging by 1.2 percent. This upward movement was attributed to the rise in gold prices, which benefited from the weakening of the dollar. Amidst this backdrop, Puma provided an update indicating expectations of subdued performance in the first half of 2024. However, the German sportswear company reaffirmed its commitment to the annual goals announced earlier in January, a declaration that contributed to a modest 0.5 percent increase in its shares.
In a separate development, shares of the French conglomerate Bouygues Group surged by five percent following the announcement of annual operating profits surpassing targets. The company, with diversified interests spanning construction and communications, reported robust performance across most sectors, offsetting declines in its real estate business. This positive earnings report bolstered investor confidence and contributed to the overall positive sentiment in European markets for the day.
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