Monday, June 24, 2024

European shares close higher, Irish stocks lead higher by Reuters


© Reuters. Screens show German DAX data on the Frankfurt stock exchange on Tuesday. Photo: Reuters.

(Reuters) – European stocks closed higher on Tuesday as investors hoped the Federal Reserve would end its interest rate hike cycle, while China extended some monetary policy measures to support its ailing real estate sector.

The European index rose 0.7 percent, ending trade higher for a third consecutive session. Irish shares rose 2.1 percent to top European stocks.

Irish shares rose with King Span shares surging 15.7 per cent after forecasting record profits for the first half of the year.

Mining in Europe rose 1.8 percent as metal prices rose on Beijing’s support for the real estate market.

China extended some policies until the end of 2024 as part of a rescue package announced in November to save the real estate sector.

Several Federal Reserve officials have indicated that the U.S. central bank is close to ending its interest rate hike cycle as markets now await some key U.S. consumer price data on Wednesday.

The British Financial Times index lagged behind its European peers as a result of the pound’s strength in a weighted index of shares of exporting companies, after wages in Britain showed strong growth.

Economic research firm ZEW said on Tuesday that German investor sentiment fell sharply in July.

The institute’s economic sentiment index registered minus 14.7 points, down from minus 8.5 points in June.

(Prepared by Mohamed Attia for Arabian Bulletin – Editing by Dua Mohamed)

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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