by Pauline Foret
(Reuters) – Major European stock markets edged higher in early trading on Thursday, buoyed by investor optimism that the U.S. Federal Reserve could cut interest rates after the release of reassuring U.S. inflation data on Wednesday.
In Paris, the CAC 40 index gained 0.34% to 7,358.18 points at around 08:30 GMT. In Frankfurt, the Dax advanced 0.61%, while in London, the FTSE rose 0.11%.
The Eurozone’s EuroStoxx 50 index is up 0.53%, the FTSEurofirst 300 is up 0.40% and the Stoxx 600 is up 0.38%.
The publication this week of figures in line with expectations for American inflation reinforced hopes of a cut in key rates by the Fed in September, for the first time in four and a half years.
Earlier in the day, preliminary UK gross domestic product data showed the country’s economy expanded by 0.6% in the second quarter, in line with economists’ expectations.
In terms of values, Admiral jumped 10.11% after its half-year results and Adyen took 4.6% after beating expectations on its profit.
Orsted fell 7.2% after the world’s largest offshore wind developer reported second-quarter results.
Bavarian Nordic soared 16%, as the Danish vaccine maker was boosted by the announcement that the World Health Organization had declared a global state of emergency over the coronavirus outbreak in Africa.
(Written by Pauline Foret, edited by Augustin Turpin)
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