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European shares rise, supported by China stimulus hopes



June 30, 2023

12:42 p.m

European shares rise, supported by China stimulus hopes

European shares rose on Friday after weak factory activity data in China boosted hopes for more stimulus policies, while investors looked to key inflation data for other clues about the direction of global interest rates.
The pan-European Stoxx 600 index was up 0.3 percent at 0703 GMT.
The index should post limited gains at the end of the quarter, with concerns over the weakness of China’s post-Covid-19 recovery and lingering global interest rate hikes overshadowing the rally in stocks that began earlier this year.
The index rose 1.4 percent on a monthly basis.
Mining stocks rose 0.7 percent on higher metals prices, as lower factory activity in China fueled expectations that the country will boost economic stimulus. Energy firms also lent support to the index on Friday.
Investors now await US PCE data for May and Eurozone preliminary inflation figures later on Friday.
Among individual stocks, sportswear maker Adidas fell 1.7 percent. Puma, which operates in the same sector, fell 0.3 percent after Nike’s gloomy outlook.

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

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