Market Analysis

Energy Stocks Propel European Shares Higher at Market Open

Amos Simanungkalit · 28 Jun 20249.3K Views

European stocks started the day higher on Friday, buoyed by a rise in crude oil prices which boosted energy shares. Investors also awaited the U.S. inflation data, crucial for assessing global monetary policy direction.

The STOXX 600, Europe's broad index, increased by 0.4% as of 0710 GMT, rebounding from three consecutive sessions of losses.

Energy stocks gained 1% in early trading, tracking the upward trend in oil prices, while banking shares rose 0.8%.

Investors are focused on the U.S. personal consumption expenditures (PCE) data, scheduled for release at 1230 GMT, which is a key indicator for the Federal Reserve's interest rate decisions.

In France, preliminary data showed consumer prices rose by 2.5% year-on-year in June, meeting market expectations.

Among individual stocks, Nokia (HE) saw a 3.5% increase after announcing its acquisition of Infinera (NASDAQ) Corp for $2.3 billion.

Meanwhile, JD Sports (NASDAQ), Britain's largest sportswear retailer, fell over 5% following a surprising revenue forecast decline from U.S.-based Nike (NYSE) for 2025.

Paraphrasing text from "Reuters" all rights reserved by the original author.

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