{"id":46630,"date":"2024-05-03T09:33:13","date_gmt":"2024-05-03T09:33:13","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/05\/03\/european-shares-inch-higher-on-earnings-2\/"},"modified":"2024-05-03T09:33:13","modified_gmt":"2024-05-03T09:33:13","slug":"european-shares-inch-higher-on-earnings-2","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/05\/03\/european-shares-inch-higher-on-earnings-2\/","title":{"rendered":"European Shares Inch Higher On Earnings"},"content":{"rendered":"
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European stocks inched higher on Friday after European Central Bank policymaker Yannis Stournaras said he sees three rate cuts in 2024.<\/p>\n

Stournaras reportedly said in an interview that three rate cuts in 2024 is the more likely scenario after considering recent growth and inflation data.<\/p>\n

A slew of encouraging earnings updates and signs of improvement in U.K. services growth also helped underpin investor sentiment.<\/p>\n

The U.K. service sector expanded at the quickest pace in nearly a year, spurred by a renewed strengthening of order books, final data from S&P Global showed.<\/p>\n

The services purchasing managers’ index rose to 55.0 in April from 53.1 in March. That was also above the flash score of 54.9. <\/p>\n

Investors shrugged off separate data showing that France’s industrial production declined unexpectedly in March after rebounding in the previous month.<\/p>\n

The pan European STOXX 600 edged up 0.3 percent to 504.83 after closing 0.2 percent lower on Thursday. <\/p>\n

The German DAX rose 0.4 percent, France’s CAC 40 added 0.6 percent and the U.K.’s FTSE 100 was up 0.4 percent. <\/p>\n

In corporate news, Germany’s household and personal products business<\/span> Henkel AG & Co. KGaA jumped 7.4 percent after raising its sales and earnings outlook for 2024. <\/p>\n

Daimler Truck Holding slumped 5 percent after reporting a decline in Q1 global sales.<\/p>\n

Krones, a packaging and bottling machine maker, declined 1.6 percent despite posting higher Q1 profit and confirming its FY24 outlook.<\/p>\n

Credit Agricole, France’s second-biggest listed bank, climbed 3.6 percent after posting a forecast-beating 55 percent jump in first-quarter net profit.<\/p>\n

Rival Societe Generale soared 4.4 percent as it backed guidance after reporting a smaller-than-expected 22 percent slide in first-quarter net income.<\/p>\n

Anglo American jumped more than 3 percent in London after reports that commodities group Glencore was considering a rival bid for the mining giant.<\/p>\n

Trainline, which runs a digital platform for buying rail and bus tickets, soared 8 percent after annual earnings rose and the company announced it would start buying back more shares over the course of 12 months.<\/p>\n

Publishing company Future rallied 2.7 percent after appointing Sharjeel Suleman as its CFO. <\/p>\n<\/p>\n

Business News<\/p>\n<\/div>\n