European Shares Extend Gains For Third Day
2024-08-19
4994
(fxcue news) - European stocks traded higher for a third straight session on Friday as investors braced for Fed Chair Jerome Powell's Jackson Hole speech later in the day for confirmation U.S. rate cuts would start in September.
With a recession looming large on the world's largest economy and inflationary pressures abating, markets currently expect the U.S. Federal Reserve to deliver three quarter-point rate cuts at each of the remaining three meetings of 2024.
Bank of England governor Andrew Bailey is also scheduled to speak at the symposium.
On a light day on the economic calendar, monthly data from the statistical office INSEE revealed the confidence among French manufacturers strengthened more than expected in August.
The manufacturing sentiment index climbed to 99 in August from June's 43-month low of 95.
The pan European STOXX 600 edged up 0.2 percent to 516.64 after hitting its highest level this month in the previous session.
The German DAX gained half a percent, France's CAC 40 rose 0.4 percent and the U.K.'s FTSE 100 was up 0.2 percent.
In corporate news, Nestle shares fell 2.2 percent after the Swiss food group announced it is replacing chief executive Mark Schneider with veteran executive Laurent Freixe.
Unilever was marginally higher after recalling 137000 cases of its single-serve Popsicle Jolly Rancher Frozen Confection Pop products over concerns that they may contain milk.
Energy giant BP Plc rose 0.7 percent and Shell edged up 0.2 percent as oil extended overnight gains but remained on track for a weekly loss on U.S. and Chinese demand concerns.
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