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(RTTNews) – European stocks rose modestly on Monday as a weaker-than-expected US employment report for April released on Friday strengthened the case for interest rate cuts through the third quarter.
Closer to home, media reports cited European Central Bank chief economist Philip Lane as saying that inflation was returning to target in a timely manner, making the case for a June interest rate cut stronger. said.
He is one of six members of the European Central Bank’s Board of Governors, along with Governor Christine Lagarde and Deputy Governor Luis Deguindos.
In the economic announcement, the Eurozone PMI Services Index for April was fixed at 53.3, marking a marked improvement from March’s 51.5.
The Eurozone Centix Investor Confidence Index rose to -3.6 from -5.9 in May, beating expectations of -4.8 and marking the seventh consecutive increase.
The pan-European STOXX 600 index rose 0.3% to 507.14, after gaining 0.5% on Friday.
Germany’s DAX rose 0.4% and France’s CAC40 rose 0.3% as UK stocks were closed for the holiday.
In corporate news, Dutch postal company PostNL NV reported a better-than-expected first-quarter loss, falling 4%.
Boliden AB is on the Stockholm market after the Swedish mining company announced that it had reached an agreement with the union and local management to restart the Tara mine on a more economically sustainable basis. It rose more than 2%.
Spanish defense and technology company Indra soared 8% after its first quarter net profit rose 40%.
Atos fell 3.5% after it said it had received four separate offers to rescue the debt-laden French IT company.
Energy stocks rose, with Total Energy up more than 1% as oil prices rose on rising tensions in the Gaza Strip and Saudi Arabia raised June oil prices in most regions. did.
Eutelsat fell 1.4%. The satellite operator confirmed it is analyzing options for its ground station network.
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“RTTNews) – European stocks rose modestly on Monday as weaker-than-expected US jobs data for April released on Friday raised the possibility of interest rate cuts through the third quarter…”
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