AGL 38.83 Decreased By ▼ -0.06 (-0.15%)
AIRLINK 143.40 Decreased By ▼ -2.00 (-1.38%)
BOP 5.24 Increased By ▲ 0.04 (0.77%)
CNERGY 3.72 Decreased By ▼ -0.06 (-1.59%)
DCL 7.58 Decreased By ▼ -0.09 (-1.17%)
DFML 46.40 Increased By ▲ 1.22 (2.7%)
DGKC 80.88 Increased By ▲ 1.75 (2.21%)
FCCL 27.42 Decreased By ▼ -0.58 (-2.07%)
FFBL 55.00 Increased By ▲ 1.67 (3.13%)
FFL 8.56 Decreased By ▼ -0.09 (-1.04%)
HUBC 111.02 Decreased By ▼ -10.80 (-8.87%)
HUMNL 11.42 Increased By ▲ 0.46 (4.2%)
KEL 3.77 Increased By ▲ 0.02 (0.53%)
KOSM 8.33 Increased By ▲ 0.01 (0.12%)
MLCF 35.20 Increased By ▲ 0.44 (1.27%)
NBP 61.35 Increased By ▲ 2.10 (3.54%)
OGDC 171.90 Increased By ▲ 2.68 (1.58%)
PAEL 25.78 Increased By ▲ 0.18 (0.7%)
PIBTL 5.97 Decreased By ▼ -0.02 (-0.33%)
PPL 127.55 Increased By ▲ 0.05 (0.04%)
PRL 25.58 Increased By ▲ 0.70 (2.81%)
PTC 12.15 Increased By ▲ 0.21 (1.76%)
SEARL 57.00 Increased By ▲ 1.47 (2.65%)
TELE 7.10 Increased By ▲ 0.03 (0.42%)
TOMCL 34.80 Decreased By ▼ -0.35 (-1%)
TPLP 6.95 Decreased By ▼ -0.05 (-0.71%)
TREET 13.85 Decreased By ▼ -0.04 (-0.29%)
TRG 47.05 Increased By ▲ 1.23 (2.68%)
UNITY 26.05 Decreased By ▼ -0.14 (-0.53%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,094 Increased By 113.3 (1.26%)
BR30 27,318 Decreased By -101.9 (-0.37%)
KSE100 85,664 Increased By 753.7 (0.89%)
KSE30 27,441 Increased By 243.7 (0.9%)

Europe’s benchmark stock index closed at a near two-week high on Tuesday, as growing hopes of an interest rate cut from the U.S. Federal Reserve in September offset a drag from weak earnings from the likes of Swiss medtech firm Tecan.

The continent-wide STOXX 600 index closed 0.5% higher. While healthcare and utilities were the top sectoral gainers, basic resources was the worst hit.

In continued evidence of moderating inflation, data showed U.S. producer prices rose less than expected in July, keeping the Fed on track to cut rates in September.

U.S consumer prices and retail sales data, due later in the week, will also be parsed for clues on the health of the world’s largest economy after recession fears choked risk assets globally earlier this month.

“Most economies (that) were seemingly invincible are now slowing, which includes the world’s largest, namely the U.S., China, and the euro zone. But recession risk is still low,” wrote Alejandra Grindal, chief economist at Ned Davis Research.

Markets now expect a total of around 100 basis points of U.S. rate cuts by the year’s end, according to LSEG’s FedWatch Tool.

Stock markets diverge, as oil prices cool

A Reuters poll showed the European Central Bank is expected to cut its deposit rate twice more this year, fewer reductions than previously expected.

Among other data, Spain’s final European Union-harmonised 12-month inflation rate fell to 2.9% in July, from 3.6% in the period through June, while German investor morale darkened more than expected in August, posting its strongest decline in two years.

Spain’s benchmark stock index led regional gains with a 0.7% rise, as Germany, France, London and Italy’s gained between 0.2% and 0.5%.

The so-called fear gauge index also hit a near two-week low.

At the bottom of the STOXX 600, Tecan Group slumped 17.3%, logging its steepest one-day fall since 2002, following weaker than expected half-year figures and a lower full-year outlook.

Fortnox dropped 14% after news that CEO Tommy Eklund would leave the Swedish accounting solutions firm.

On the flip side, Pandora rose 3.7% after the world’s largest jewellery maker raised its full-year growth outlook.

HelloFresh jumped 19% following better than expected second-quarter core earnings, as the German meal-kit maker enjoyed strong growth in its ready-to-eat (RTE) unit.

French engineering company GTT climbed 5% after Berenberg upgraded the stock to “buy”.

Meanwhile, British homebuilder Bellway rose 4% after unexpectedly dropping its 720 million pound ($921 million) bid to buy smaller peer Crest Nicholson, sending Crest’s shares down more than 20%.

Comments

200 characters