European stocks advance as investors assess economic recovery
(Bloomberg) – European stocks rose on Friday as investors weighed in on stronger-than-expected job growth in the United States amid concerns about the impact of the rapidly spreading strain of the delta virus.
The Stoxx 600 Europe Index was up 0.3% at 2:02 pm in London, with most sectors in the green, led up by travel and leisure and basic resources stocks. Job growth in the United States accelerated in June, as the non-farm workforce rose by 850,000, beating the median estimate of a Bloomberg survey of economists for an increase of 720,000.
“The data is currently too loud to interpret and, as such, the Federal Reserve will continue to resist calls to accelerate policy tightening and remain comfortable until a clearer picture emerges. is clearing, âsaid Hinesh Patel, portfolio manager at Quilter Investors. “Also, given that the United States is likely to lead the way for other developed economies, we should expect the global silver taps to continue pouring for a bit longer.”
US job growth grows the most in 10 months, beating expectations
The European equity benchmark started the second half of the year on a positive note after a stellar first half, as investors bet on an economic rebound and wait for what is expected to be another season of strong earnings. The Stoxx 600 is around 0.5% of the record closing level reached last month.
“With the stock market hovering near new records, things are calmer and the results could be the next catalyst as we are already seeing very positive reviews,” said Diego Fernandez, director of investments at A&G Banca Privada in Madrid.
European equity funds had their first outings in 12 weeks during the week through June 30, with $ 62 million in outflows, according to data from Bank of America Corp. and EPFR Global.
Among the individual moves, Kindred Group Plc jumped 7% after announcing the acquisition of the remaining 66.6% of the shares of Relax Gaming, a B2B iGaming provider. Ambu fell 16% after lowering its financial forecast for the entire year.
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