2023-07-13 18:04:46
European stocks closed higher on Thursday, led by technology stocks, following hopes grew that the US Federal Reserve would soon end the ongoing post-pandemic monetary tightening cycle, thanks to slowing inflation in America.
A faster-than-expected slowdown in US inflation added to bets that the Fed may end interest rate hikes soon following July.
stock movements
The European Stoxx 600 index closed up 0.6 percent, continuing its rise for the fifth consecutive session, which is the longest series of gains for the index in nearly three months.
The technology sector, which is sensitive to interest rates, led the gainers and jumped 1.7%, as Softcat rose 5.3% following recommending Citigroup to “buy” the shares of the company.
Among the gaining sub-indices in Europe was the miners’ index, which rose 1.7 percent as commodity prices rose thanks to a weaker dollar.
Britain’s FTSE rose 0.3 percent following a weak start.
The British economy contracted less than expected in May, indicating that a widely expected recession did not occur.
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