Doha: European stocks held steady on Friday after three consecutive sessions of gains that put them on track for a weekly rise, as investors awaited key US inflation data from the Federal Reserve. The pan-European STOXX 600 index rose 0.1 percent to 579.52 points, while major European indices such as Germany’s DAX and France’s CAC 40 climbed 0.2 percent and 0.3 percent, respectively.
According to Yemen News Agency, The US Personal Consumption Expenditures (PCE) report is due later today and could influence the Federal Reserve’s stance on easing monetary policy in the world’s largest economy. Recent data releases, coupled with dovish comments from some Fed policymakers, have led investors to increase their bets on an interest rate cut next week.
The basic resources sector rose 1.3%, posting the biggest gains on the STOXX index, after copper prices hit a record high. The industrials sector index also climbed 0.3%, marking its fourth consecutive session of gains. Swiss Re shares plunged 5.3% to the bottom of the STOXX 600 index after the reinsurer announced 2026 targets that fell short of analysts’ expectations.
British grocery retailer Ocado led the index with a 12.7% surge, as the online grocery company announced it will receive a one-time cash payment of $350 million from U.S. retailer Kroger, which has decided to close three automated warehouses and cancel a planned facility.