Europe close: Stocks end week on a positive note
By Alexander Bueso
Date: Friday 11 Oct 2024
(Sharecast News) - European markets were moderately higher at the end of the week as investors looked ahead to widely expected fresh stimulus measures from China over the weekend.
Further bolstering sentiment, the latest US producer price data was seen as leaving the door open to further interest rate cuts by the Fed.
The pan-regional Stoxx 600 index ended up by 0.55% to 521.98 with all major markets higher alongside.
Germany's Dax outperformed, climbing by 0.85% to 19,373.83.
In the background, America's S&P 500 notched up a fresh record high.
On the economics front in Europe, the UK economy returned to growth in August, according to official figures. GDP rose 0.2% following no growth in June and July, in line with economists' expectations.
In Germany, the inflation rate fell to 1.6% in September on an annualised basis and down from the 1.9% reported in August.
Meanwhile, China's Ministry of Finance was scheduled to hold a news conference on Saturday, with analysts expecting new stimulus measures to boost the country's ailing economy.
"There are a range of opinions as to the potential size of any fiscal injection, ranging from anywhere between two and ten trillion yuan. The market is likely to be disappointed should the number be on the low side," said Hargreaves Lansdown analyst Derren Nathan.
In equity news shares in Sainsbury's fell as its biggest shareholder, Qatar Investment Authority, placed 109m shares in the supermarket chain.
BP edged lower as it followed sector rival Shell and said it expected third-quarter realised refining margins to hit operating profit by $0.4bn to $0.6bn and warned its oil trading result would be weak as it felt the impact of lower crude prices.
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