Tech, miners boost European stocks; German consumer sentiment set to hit a record low
European shares inched higher on Friday as a tech-fueled Wall Street rally overnight lifted European peers, but sentiment was weighed down by worries about the path for interest rate hikes and rising energy costs.
The pan-European STOXX 600 rose 0.4% and was set to end the week 0.5% lower.
German consumer sentiment is set to hit a record low for the third month in a row in September as households brace for surging energy bills, a survey showed, while French consumer confidence unexpectedly rose in August.
On Friday, miners rose as copper prices gained on hopes that fresh stimulus measures from China would boost demand.
Tech stocks rose 1%, after Nvidia and Amazon fueled a rally ahead of the Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole conference.
Among other stocks, Danish brewery Carlsberg slipped 0.8% after saying its Poland subsidiary could cut or halt beer production due to a lack of carbon dioxide deliveries.
Crisis-hit SAS slipped after reporting a deeper May-July loss than a year earlier.
(Reporting by Anisha Sircar in Bengaluru: Editing by Sriraj Kalluvila)