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European shares inch up to fresh two-year highs tracking Wall St gains
European shares inch up to fresh two-year highs tracking Wall St gains By Reuters
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Published Jan 30, 2024 04:01AM ET
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 29, 2024. REUTERS/Staff
(Reuters) – European shares opened slightly higher on Tuesday, hitting fresh two-year highs, buoyed by overnight gains on Wall Street, as investors evaluated their expectations for interest rate cuts in a busy week for markets.
The pan-European STOXX 600 index was up 0.2%, as of 0825 GMT, rising for the fifth straight session.
Wall Street notched fresh record highs on Monday, with focus turning to the upcoming big-tech earnings from the U.S. and the Federal Reserve’s interest rate decision, both of which could set the tone for markets. [.N]
In Europe, while there is a broad consensus that interest rate cuts are imminent, policymakers are divided on the timing of such actions. Traders have priced in roughly a 75% chance of at least a 25 basis point cut from the European Central Bank in April. [0#ECBWATCH]
Industrials received a boost, helped by a 4.9% jump in Skanska following Jefferies’ upgrade of the Swedish builder to “buy” from “underperform.”
Diageo (LON:DGE), however, shed 3.2% after the world’s top spirits maker missed estimates for first-half year sales.
Among other movers, France’s CAC 40 index added 0.1%, helmed by a 1.8% rise in Renault (EPA:RENA) after the carmaker ditched plans to list its electric vehicle business Ampere, citing sluggish stock market conditions.
European shares inch up to fresh two-year highs tracking Wall St gains
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