European stocks rise on mining boost, caution ahead of economic data
Date
8/27/2024 7:40:31 AM
(MENAFN) European Stocks saw a modest increase on Tuesday following a weaker performance in the previous session, largely driven by gains in major mining companies. The European Stoxx 600 index improved by 0.30 percent, reaching 519.33 points. Other major indices also experienced gains, with the German DAX rising 0.24 percent, the British FTSE 100 advancing 0.70 percent, and the French CAC 40 climbing 0.32 percent.
Despite the positive movement in the stock markets, investors are remaining cautious as they await critical economic data scheduled for release later this week. Market participants are particularly focused on economic figures from Germany and Spain, as well as inflation data for the European Union, which is set to be announced on Friday. These data points are expected to provide insights into the future direction of the European Central Bank's monetary policy.
The German DAX index opened flat after the release of detailed GDP figures, which revealed a 0.1 percent contraction in the German economy for the second quarter of 2024. Additionally, the Swedish index remained steady at 2,566.69 points following reports that producer prices had decreased by 1.4 percent in July. In the raw materials sector, a notable surge of over 1 percent was observed, driven by an increase in copper prices, which reached their highest levels in nearly six weeks. This boost was fueled by market optimism regarding a potential interest rate cut in the United States.
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