2023-09-29 08:16:29
(For a live Archyde.com blog on US, UK and European stock markets, click or tap LIVE/ into a news window)
* The STOXX 600 gained 0.8%, down 2.1% since the start of the quarter.
* French inflation slows unexpectedly in September
* Tech stocks gain ground as euro zone bond yields fall
French inflation slows unexpectedly in September * Tech stocks rise as euro zone bond yields fall
Sept 29 (Archyde.com) – European stocks rose on Friday, helped by gains in luxury and technology stocks, as investors focus on a raft of economic data at the end of a tumultuous quarter.
The STOXX 600 index rose 0.8% at 0755 GMT, with all eyes on euro zone inflation figures due at 0900 GMT, which could help determine the trajectory of the monetary policy of the European Central Bank.
The index, however, is expected to end the quarter down almost 2%, with the German DAX lagging its regional peers with a loss of 4.6%.
German retail sales fell unexpectedly in August, data showed, as persistent high inflation took a toll on consumption in the euro zone’s largest economy.
In France, inflation slowed unexpectedly in September, as the slowdown in price rises in the food sector outweighed the rise in prices in the energy sector, according to preliminary official data harmonized with EU level.
“We see a further decline in core inflation and food inflation (in France), while the energy component is now more uncertain,” said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, in a note.
“As for today’s EZ inflation release, we maintain our forecast of a 0.5pp decline, to 4.7%, although we now believe core inflation has fallen a little more than we had initially expected, at 4.8%.
Luxury stocks such as LVMH and Richemont gained 3.2% and 2.8% respectively, boosting the pan-European index in early trade on Friday.
Shares of Adidas rose 5.8% after U.S. company Nike beat profit estimates on Thursday.
Interest-rate sensitive technology stocks gained 1.9% as yields on euro zone government bonds fell after hitting multi-year highs.
Tech stocks have underperformed this quarter and are down more than 9% so far, as bond yields have risen on concerns about higher long-term interest rates.
London’s commodity-intensive FTSE 100 index, meanwhile, rose 0.6% and was on track to post gains of 1.5% during the quarter, outperforming its European counterparts.
Britain’s economic performance since the start of the COVID-19 pandemic has been stronger than expected, growing faster than Germany or France, data revisions show official published Friday.
1695976317
#European #stocks #advance #ahead #Eurozone #inflation #data #poised #quarterly #loss #September #a.m