European Shares Edge Higher Ahead Of Eurozone PMI Data
2025-01-20
3347
(fxcue news) - European stocks opened on a firm note Friday after U.S. President Donald Trump called for lower interest rates and cheaper oil prices. He also hinted at a potential trade agreement with China.
Investors awaited Eurozone PMI data later in the day after French and German PMI figures painted a mixed picture.
The euro held steady after a survey showed Euro area consumer confidence grew for the first time in three months in January.
Focus also shifted to next week's Fed and ECB meetings. No change is expected to U.S. interest rates while the ECB is set to cut rates again by 25 basis points.
The pan European STOXX 600 was up 0.4 percent at 532.42 after gaining 0.4 percent in the previous session.
The German DAX added 0.3 percent, France's CAC 40 jumped 0.8 percent and the U.K.'s FTSE 100 was marginally higher.
Assa Abloy AB rose about 1 percent after acquiring Uhlmann & Zacher GmbH, a German supplier of access control handles and knobs and corresponding software.
Swedish telecom equipment maker Ericsson plummeted almost 9 percent on reporting a 6 percent decrease in 2024 revenue.
British luxury brand Burberry soared 15 percent after reporting a smaller-than-expected decline in its fiscal third quarter sales. Peers LVMH, Kering, Moncler and Swatch surged 3-8 percent.
Miners Anglo American, Antofagasta and Glencore climbed 2-4 percent after a surge in metal prices.
Italian lender Banca Monte dei Paschi di Siena slumped 7 percent after it launched a €13.3bn takeover offer for larger rival Mediobanca.
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