2024-02-16 20:37:30
Brussels, February 16 (QNA) – European stock indices rose at the end of the trading week, in light of renewed hopes for an imminent cut in interest rates from the European Central Bank.
The European STOXX 600 index rose by 0.6 percent, to the highest level in two years, due to the rise in mining company shares, which jumped by 2.5 percent this week, and touched the highest level in two weeks.
The STOXX 50 index of leading stocks hovered around its highest levels in 23 years, with investors anticipating that the European Central Bank will begin cutting interest rates next April.
The German and French indices also continued their gains, reaching good levels, while the British Financial Times Index outperformed its counterparts in Europe, following rising by 1.5 percent, to touch its highest levels in five weeks, following British retail sales were stronger than expected.
Metso shares jumped 9 percent following the Finnish mining equipment manufacturer announced an increase in its profits during the fourth quarter of last year, and gave optimistic forecasts to its subsidiaries.
In turn, National Westminster Bank shares rose by 7.1 percent, following the British bank announced 2023 profits, which exceeded expectations.
In contrast, Eni’s shares fell by 3.1 percent despite the Italian energy group announcing an adjusted net profit in the fourth quarter of last year of 1.64 billion euros ($1.8 billion).
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