European shares tick higher as easing Fed hike bets lift gold
European shares inched up on Monday, led by basic resources stocks as gold prices advanced on a weaker dollar and softer US economic data, while easing expectations of a Federal Reserve rate hike supported sentiment. The pan-European STOXX 600 was up 0.2% at 659.30 points, as of 0708 GMT. Basic resources were up 1.4%, with Antofagasta, Hochschild Mining and Glencore up between 2.2% and 2.7%.…
European stocks showed a modest gain on Monday, driven by basic resources sectors as gold rose due to a weaker dollar and less favorable US economic indicators. Expectations of a Federal Reserve rate increase easing also contributed to the market sentiment. The STOXX 600 index for Europe increased by 0.2% to 659.30 points, at 0708 GMT.
Basic resources stocks saw a 1.4% rise, with Antofagasta, Hochschild Mining, and Glencore gaining between 2.2% and 2.7%. The technology sector also experienced a 1.1% increase. With the majority of the European earnings season concluding and second-quarter profit expectations rising, investors turned their attention towards macroeconomic and geopolitical factors for potential market drivers.
Iran urged the US to concede defeat on Saturday, while President Donald Trump labeled Tehran as "very evil" and warned Americans about persisting high fuel prices due to the ongoing conflict. The energy sector rose by 0.3% as crude prices climbed. Conversely, the food and beverage sector suffered the most significant losses, declining by 0.7%.
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