The European Central Bank headquarters.
Daniel Roland | Afp | Getty Images
European markets started the month higher Monday, extending last week’s rally as investors look ahead to the European Central Bank’s latest interest rate decision later this week.
The pan-European Stoxx 600 index 0.9% higher in opening deals, with all sectors and major bourses in the green. Tech stocks led gains, up 1.6%, while travel and leisure was also 1.5% higher.
The ECB is widely expected to cut interest rates for the first time since 2019 when policymakers meet on Thursday.
The move would mark the first time the ECB has cut rates ahead of the U.S. Federal Reserve. However, investors will be watching closely to see how a slightly higher than expected euro zone inflation print released Friday may alter the bank’s path forward.
Monday’s session will see the release of Turkish inflation data, as well as manufacturing data out of Spain, France and Germany. There are no major corporate earnings due during the session.
Meanwhile, investors will be keeping an eye on oil prices, which rose after OPEC+ agreed on Sunday to extend most of its oil output cuts into 2025.
In Asia-Pacific, stock markets rose on the back of accelerating factory activity, with China’s Caixin survey showing manufacturing activity expanded at its fastest pace in nearly two years.
U.S. stock futures also started the month in positive territory, coming off the back of a strong May in which all three major averages notched their sixth positive month in seven.
Source link: https://www.cnbc.com/2024/06/03/europe-stocks-open-to-close-jun-3-bond-yields-stocks-data.html