European shares tick higher as easing Fed hike bets lift gold
European equities experienced a modest rise on Monday, propelled by gains in gold and basic resources stocks, driven by a weaker dollar, less robust U.S. economic data, and reduced expectations of a Federal Reserve rate hike. The pan-European STOXX 600 index climbed 0.2% to 659.30 points as of 0708 GMT. Basic resources stocks led the advance, with Antofagasta, Hochschild Mining, and Glencore all posting gains of between 2.2% and 2.7%.
Technology shares also contributed to the rally, rising 1.1%. As the European earnings season concluded, investors turned their attention to macroeconomic and geopolitical factors for potential market catalysts. Iran urged the U.S. to concede defeat in their dispute, while President Donald Trump labeled Tehran as "very evil" and warned Americans to expect persistent high fuel prices due to the conflict.
The energy sector saw a 0.3% increase as crude prices climbed. Conversely, the food and beverages sector faced the steepest decline, dropping 0.7%.
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