05/06/2024 – 6:44
By Sergio Caldas
São Paulo, 05/06/2024 – European stock markets are trading higher this Monday morning, while investors evaluate activity data (PMIs) for services in the region and remain excited about the greater possibility of interest cuts in the US.
At around 6:25 am (Brasília time), the pan-European Stoxx 600 index advanced 0.37%, to 507.41 points. The oil sector sub-index led gains, up 0.87%, amid the oil recovery.
The euro zone services PMI rose to 53.3 in April, higher than initially estimated, reaching an 11-month high, according to a final survey from S&P Global. Eurostat data showed that the bloc’s producer deflation (PPI) lost strength in March.
Risk appetite in Europe also comes after weaker than expected US labor market numbers, published on Friday (03), improve the chances of the Federal Reserve (Fed, the American central bank) cutting interest rates this year. In the wake of the data, Wall Street experienced a rally at the end of last week.
At 6:40 am (Brasília time), the Frankfurt Stock Exchange rose 0.59%, the Paris Stock Exchange increased 0.47%, the Milan Stock Exchange gained 0.90% and the Madrid Stock Exchange increased 0.43%. In the opposite direction, Lisbon fell 0.24%.
In London, the market is closed today due to a UK holiday. On Thursday (09), the Bank of England (BoE) defines its base interest rate.
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