AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

European shares advanced on Friday and were set for a second consecutive weekly gains on upbeat earnings updates, while US inflation data raised hopes of a September interest rate cut by the Federal Reserve.

The pan-European STOXX 600 was up 0.3%, to hit its highest level since June 13, led by 1.1% gains in the telecom sector.

France’s CAC 40 outperformed its European peers, rising 0.7% after a volatile week of elections, where leaders of the left-wing New Popular Front are currently discussing potential candidates for prime minister.

Consumer prices in France rose 2.5% year-on-year in June, confirming its preliminary reading, while German wholesale prices fell by 0.6% in June, compared with the same month last year.

US consumer prices unexpectedly fell and the annual increase was the smallest in a year, reinforcing views that the disinflation trend was back on track and drawing the Fed another step closer to cutting rates.

“I don’t know for the Fed but investors definitely got to the evidence that inflation is on a right path to justify a Fed rate cut sooner rather than later,” said Ipek Ozkardeskaya, Swissquote Bank’s senior analyst.

Investors’ focus will now shift to producer prices data at 08:30 a.m. ET (1230 GMT) for further confirmation of inflation easing in June.

Sweden’s Addtech hit a record high and was up 12.3% after the technical solutions firm said the outlook for the next quarters is favourable and overall customer activity is stable at a high level.

Ericsson rose 8.2% after the Swedish telecom gear maker reported a smaller-than-expected 7% drop in second-quarter sales.

EMS Chemie slipped 6.4% as the Swiss nylon manufacturer cut its 2024 sales guidance.

European shares rise on soft US inflation data

Axfood dropped 7.9% to the bottom of STOXX 600, as quarterly earnings were negatively impacted by costs associated, with operational disruptions and restructuring of logistics.

Norwegian Air surged 6.1% after reporting second-quarter core earnings above market expectations despite slightly lower demand impacting ticket prices, as the budget airline said it improved its cost level and cash flow.

Aker BP, which is partly owned by BP, reported a lower-than-expected profit for the second quarter and lowered its full-year output outlook.

Shares of the Norwegian oil company climbed 2.1%. The earnings season in the United States will kick off with the big banks, including JPMorgan Chase, Wells Fargo and Citigroup, reporting before the bell.

Comments

200 characters