European Shares Edge Up Amid Positive Earnings and PMI Anticipation

European shares saw modest gains as traders focused on positive earnings and awaited PMI data that might influence the ECB's interest rate strategy. The STOXX 600 index increased by 0.3%, supported by travel and leisure stocks. Data indicating business activity contraction could prompt further rate cuts.


Devdiscourse News Desk | Updated: 24-10-2024 13:06 IST | Created: 24-10-2024 13:06 IST
European Shares Edge Up Amid Positive Earnings and PMI Anticipation
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European shares made a slight upward move on Thursday, driven by optimistic earnings reports as traders await crucial PMI readings. These figures could influence the European Central Bank's decision-making on interest rates.

The pan-European STOXX 600 index rose by 0.3% as of 0708 GMT, primarily buoyed by travel and leisure stock gains. Anticipation builds around preliminary PMI data expected to reveal contracting business activities in the Eurozone, potentially urging the ECB to consider further interest rate cuts.

While ECB President Christine Lagarde recently emphasized caution in future rate cuts, insiders suggest ongoing discussions among policymakers about lowering rates to stimulate economic growth. In corporate updates, Kering's shares grew despite negative updates, while Hermes saw a 3% rise following robust third-quarter sales. The leisure sector sub-index climbed by 1.9%.

(With inputs from agencies.)

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