Has stepped up european stocks, On Friday, set for its first monthly gain in 4 months, strong corporate earnings overshadowed fears of a global recession, while focus now turned to Eurozone inflation and GDP data due later today.
The pan-European Stoxx 600 index rose 0.7%, rising for the third consecutive session, and is on track to record its best monthly performance since November 2020, according to “Archyde.com”.
The index has risen 2.3% since the beginning of the week, as investors hope for a slowdown in the pace of US interest rate hikes, after data showed, on Thursday, that the world’s largest economy contracted for the second consecutive quarter.
Luxury goods stocks received a boost after sales of Hermes rose sharply in the second quarter, buoyed by rapid growth in Europe and the United States, and rebounded strongly in China in June, sending shares of the Birkin bag maker up 6.7%.
LVMH shares rose 1.4%, providing the biggest boost to the Stoxx 600 index.
Shares of French bank BNP Paribas advanced 3.4%, as it reported better-than-expected profits in the second quarter after a decline in provisions for bad loans.