European Stocks Rise on Rate Cut HopesBrussels, 5 Aug (ONA) — The European stocks rose today as investors awaited a series of earnings reports and data, while investor sentiment improved due to hopes that the Federal Reserve (the US central bank) will cut interest rates at its monetary policy meeting in September.
The European Stoxx 600 index rose by approximately 0.35 percent, equivalent to 1.90 points, reaching 542.50 points during morning trading.
Germany’s DAX index rose by 0.61 percent, or 145.77 points, to reach 23,903.46 points. France’s CAC 40 index also rose by 0.28 percent, or 21.01 points, reaching 7,653.02 points, while the UK’s FTSE 100 added 27.04 points, or 0.30 percent, to reach 9,155.34 points. Fresnillo shares rose 6.3 percent after the mining company reported strong first-half results.
Smith & Nephew shares led the gains, jumping 12 percent after the British medical products manufacturer posted an 11.2 percent jump in first-half profits and announced a new USD 500 million share buyback for the remainder of the year.
Shares of BP also rose 1.4 percent after the oil giant said it would review assets and costs to improve profitability, and its second-quarter earnings beat expectations. — Ends/AH