European shares tick higher as easing Fed hike bets lift gold
- The pan-European STOXX 600 was up 0.2% at 659.30 points
European shares inched up on Monday, led by basic resources stocks as gold prices advanced on a weaker dollar and softer US economic data, while easing expectations of a Federal Reserve rate hike supported sentiment.
The pan-European STOXX 600 was up 0.2% at 659.30 points, as of 0708 GMT.
Basic resources were up 1.4%, with Antofagasta, Hochschild Mining and Glencore up between 2.2% and 2.7%.
Technology stocks also added to gains, up 1.1%.
With a strong European earnings season largely in the rearview mirror and second-quarter profit expectations rising steadily, investors shifted their focus back to macroeconomic and geopolitical developments in search of the next market catalyst.
Iran called on the US to accept defeat on Saturday, while President Donald Trump blasted Tehran as “very evil” and told Americans to prepare for continued high fuel prices as a result of the war.
Energy sector jumped 0.3% as crude prices advanced.
On the flip side, food and beverages was the worst-performing sector, falling 0.7%.
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