European shares rise on China reopening, rate hike optimism | Inquirer Business

European shares rise on China reopening, rate hike optimism

/ 04:58 PM January 09, 2023

European shares rose on Monday, extending the year’s upbeat start to a second week, as China reopened its borders overnight and U.S. and European data soothed nerves about aggressive tightening by central banks.

The pan-European STOXX 600 gained 0.3 percent by 0812 GMT.

The index clocked its best weekly performance in nine months on Friday after a clutch of positive data – including strong euro zone factory activity and a drop in the region’s inflation – indicated a milder-than-expected recession and easing price pressures.

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That, along with data showing a tight U.S. labour market, calmed fears that the U.S. Federal Reserve and the European Central Bank would continue with their aggressive monetary policy.

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Rate-sensitive tech stocks rose 1.2 percent .

Investors await the euro zone’s unemployment data for November at 1000 GMT for further cues on the strength of the labour market.

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Travellers streamed into China by air, land and sea on Sunday, as Beijing opened borders that have been all but shut since the start of the COVID-19 pandemic.

Miners added 1.7 percent as base metal prices advanced on hopes of demand recovery from top consumer China.

London-listed video game companies Devolver Digital and Frontier Developments dropped 9.4 percent and 40.6 percent , respectively, after disappointing trading updates.

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TAGS: China, European stocks, Interest rates‎, optimism

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