European stocks rise as investors warn, economic data await
Date
8/28/2024 5:04:13 AM
(MENAFN) European stock markets saw a modest increase following a lackluster performance in the previous trading session, buoyed by strong performances from major mining companies. The pan-European STOXX 600 index gained 0.30 percent, reaching 519.33 points. Key national indices also experienced gains, with Germany's DAX up 0.24 percent, Britain's FTSE rising by 0.70 percent, and France's CAC 40 increasing by 0.32 percent. Despite these gains, investors remained cautious as they awaited significant economic data expected later this week.
Market participants are closely watching forthcoming economic reports from Germany and Spain, along with inflation data from the European Union due on Friday. These reports are anticipated to provide crucial insights into the future direction of monetary policy by the European Central Bank. In particular, investors are keen to understand how these data points might influence future central bank decisions.
The German DAX opened the day relatively unchanged, reflecting the impact of earlier GDP data which indicated a 0.1 percent contraction in the German economy for the second quarter of 2024. Similarly, Sweden's index remained flat at 2,566.69 points after it was reported that producer prices declined by 1.4 percent in July. On a positive note, the raw materials sector led the regional performance with a more than 1 percent rise, driven by a significant increase in copper prices, which reached their highest level in nearly six weeks due to optimism surrounding a potential interest rate cut in the United States.
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