European stocks rise amid mixed sectors performance, expected economic data
Date
8/22/2024 8:41:49 AM
(MENAFN) European stock markets showed modest gains on Thursday as investors awaited a series of economic reports from key global economies. The pan-European STOXX 600 index increased by 0.2 percent, reaching 514.90 points by 0710 GMT. This uptick was supported by a strong performance in the retail sector, particularly by JD Sports, which saw its shares rise 5.3 percent following the announcement of improved underlying sales growth for the second quarter. Despite these gains, the energy sector faced headwinds, with shares declining by 0.6 percent due to continued drops in oil prices for a fifth consecutive session, driven by concerns over the global demand outlook.
Market participants are closely monitoring preliminary purchasing managers' indices (PMIs) for France, Germany, Britain, and the euro zone, scheduled for release between 0715 and 0830 GMT. Additionally, euro zone consumer confidence data is expected at 1400 GMT, with further economic insights provided later in the day through US PMI and initial jobless claims reports. On the corporate front, Aegon experienced a 4 percent drop in its share value after reporting a decline in its key capital generation measure for the first half of the year. In contrast, Deutsche Bank's shares surged 2.5 percent following the bank’s announcement of settlements with over half of the plaintiffs alleging underpayment issues.
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