{"id":48843,"date":"2024-07-03T09:43:01","date_gmt":"2024-07-03T09:43:01","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/07\/03\/european-shares-climb-as-focus-shifts-to-elections\/"},"modified":"2024-07-03T09:43:01","modified_gmt":"2024-07-03T09:43:01","slug":"european-shares-climb-as-focus-shifts-to-elections","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/07\/03\/european-shares-climb-as-focus-shifts-to-elections\/","title":{"rendered":"European Shares Climb As Focus Shifts To Elections"},"content":{"rendered":"
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European stocks advanced on Wednesday as traders reacted to dovish comments from Federal Reserve Chair Jerome Powell and looked ahead to key elections in France and the U.K.<\/p>\n

On Tuesday, Powell acknowledged progress in disinflation but added that officials need more confidence before cutting interest rates.<\/p>\n

Over 200 candidates have withdrawn from France’s runoff election to block far-right, as Macron and left-wing coalition unite.<\/p>\n

Marine Le Pen said that the National Rally would still try and form a government even if they failed to achieve an overall majority.<\/p>\n

Elsewhere in the U.K., the Labour Party is set to grab 484 out of the total 650 seats in the Parliament, a pre-poll company Survation projected.<\/p>\n

In economic releases, the Eurozone PMI Services index has been finalized at 52.8, slightly down from May’s 53.2. <\/p>\n

Eurozone producer prices posted an annual fall of 4.2 percent in May after a 5.7 percent decrease in April. <\/p>\n

The pan European STOXX 600 climbed 0.6 percent to 514.12 after falling 0.4 percent in the previous session. <\/p>\n

The German DAX jumped 0.8 percent, France’s CAC 40 rallied 1.1 percent and the U.K.’s FTSE 100 was up half a percent. <\/p>\n

In corporate news, Swedish construction company Skanska rose about 1 percent after securing a contract worth $97 million.<\/p>\n

Belgiam postal company Bpost slumped 6.5 percent after its annual profit guidance missed expectations. <\/p>\n

Higher copper prices boosted mining stocks, with Antofagasta and Glencore both rising around 2 percent in London. <\/p>\n

Retailer JD Sports fell nearly 2 percent after Barclays downgraded the stock to “underweight” from “equalweight”.<\/p>\n

Topps Tiles tumbled 3.3 percent after the tile retailer reported a sales drop in its third quarter.<\/p>\n

Technology company Johnson Matthey rallied 2.6 percent after launching a share buyback program.<\/p>\n

French aerospace major Airbus jumped 2.3 percent after it received a $24 billion order from Philippines’ budget airline operator Cebu Air Inc. for up to 152 A321neo aircraft.<\/p>\n

Volkswagen gained more than 1 percent after U.S. electric vehicle maker Rivian said it had no plans to produce vehicles with the German automaker. <\/p>\n<\/p>\n

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