European Shares Surge to Five-Month High Amid Global Market Optimism
European shares reached a near five-month high as investors focused on positive earnings despite U.S. inflation concerns. The STOXX 600 index gained, driven by mining and chemical stocks. The markets remained upbeat despite uncertainties over U.S. rate cuts and impacts of Chinese tariffs.
European shares experienced a remarkable surge on Friday, achieving a near five-month high. Investors appeared to look beyond the spike in U.S. inflation, instead finding solace in a predominantly positive earnings season.
The pan-European STOXX 600 index saw an increase of 0.2% by 0717 GMT, primarily bolstered by gains in the mining and chemical sectors. Meanwhile, U.S. President Donald Trump was set to meet Russian President Vladimir Putin later in the day in Alaska, aiming for a ceasefire agreement on Ukraine and discussions on a potential nuclear deal.
Globally, stock markets remained optimistic despite the increase in U.S. producer price data which tempered expectations of a 50 basis point rate cut by the Federal Reserve, and weak Chinese economic data highlighting the consequences of tariffs. Among individual stocks, NKT rose significantly by 9.1%, responding to an updated positive full-year financial outlook.
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