Newscasts - Europe Today: European shares are on the rise and heading for a weekly gain
13/09/2024 11:00
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_xujwir44&referenceId=1_xujwir44&pageId=Newscasts Source: 'Reuters - Business videos' Description: Mining stocks boosted European indices after copper prices rose to their highest levels in two weeks. After Thursday's rate cut from the ECB, attention now turns to the Fed's decision next Wednesday. Short Link: https://refini.tv/4epkJaf Video Transcript: European shares are on the rise as they head for weekly gains. Welcome to Europe Today. I'm Ramzan Karmali. Well, let's kick off with a look at the equity markets and European stocks advanced in early trade on Friday. They've been supported by miners as copper prices hit a two-week high. Well after the ECB cut rates from 3.75% to 3.5% on Thursday, the focus for investors now turns to the Fed. Eurozone government bond yields fell on Friday, mirroring a decline in US Treasury yields. The moves came after media reports raised the chance of a big rate cut by the Fed next week. The bloc's bond yields actually edged higher on Thursday after the ECB cut rates, as expected, and tweaked its economic forecasts. That led to markets to slightly reduce their bets on how much the ECB might ease policy this year. Onto the oil markets now and prices are on the rise this Friday. They're extending a rally sparked by output disruptions in the US Gulf of Mexico. Hurricane Francine force producers to evacuate platforms near the coast of Louisiana. One of the big losers today on the equity markets is AstraZeneca. In early trade, it fell over 2%. Deutsche Bank cut the stock rating to sell and lowered its price targets this morning. Earlier this week, the British farmer-giant announced disappointing lung cancer drug trial results. Shares of Konecranes were up over 7% in early trade to top the STOXX 600. The Finnish engineering group upgraded its sales guidance for 2024. The firm now expects revenue to grow compared to 2023. The French payment group Wordline has cut its 2024 revenue and core earnings guidance. It also announced the departure of its CEO, Gilles Grapinet. Last December, activist investor Bluebell urged the fintech company to shake up its board to restore trust amid rumors of a potential hostile takeover bid for the group. Shares were down over 16.5% in early trade. The UK's Competition and Markets Authority has found that the proposed GBP16.5 billion merger of Vodafone's UK business with Hutchison's Three UK could lead to higher bills for tens of millions of customers. The watchdog wants the firm to make changes to the deal before it makes a final decision in December. Both companies said they disagreed to the CMA's findings. And consumer prices in France rose 2.2% year-on-year in August. That was in line with the initial reading published at the end of last month. EU harmonized year-on-year inflation in the bloc's second biggest economy slowed in August, compared with the July reading of 2.7%. The slowdown is due to a sharp deceleration in energy prices particularly electricity, as well as a fall in petroleum products prices. And that's it from Europe Today