Social menu is not set. You need to create menu and assign it to Social Menu on Menu Settings.

Author

Mohamed Mohamoud

Author and the owner of idman news

August 11, 2022

Idman news

Wararka Jaraaidyada Soomaalida ay qoreen

European stocks hit fresh record and U.S. futures rise ahead of inflation data, Biden’s budget


European stocks hit a fresh record high on the last trading day of May, tracking a mostly positive session in Asia and gains on Wall Street as economic optimism continues to override inflation concerns.

Friday’s session saw the Stoxx Europe 600
SXXP,
+0.45%

rise 0.4% to 448.40, reaching a fresh intraday record of 448.55, after Thursday’s modestly higher finish that sent it to a record close of 446.44. For the month so far, the index is up 2.8%. The German DAX
DAX,
+0.45%
,
the French CAC 40
PX1,
+0.38%
,
and the FTSE 100
UKX,
+0.35%

all gained 0.4%.

The Nikkei 225 index
NIK,
+2.10%

closed up 2.1%, though Chinese stocks
000300,
-0.32%

fell 0.3%. U.S. stock futures
ES00,
+0.32%

were higher, led by a more-than 100-point gain for Dow futures
YM00,
+0.52%
.
Equities finished mostly higher on Thursday, boosted by positive economic data.

Investors are waiting for an update on the personal-consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation. Investors are concerned that persistent price pressures could prompt the Fed to pull back on its accommodative policy, despite reassurances from the central bank that it’s in no hurry to do that.

But as inflationary pressures “bubble under the surface,” investors have been trying to prepare for all eventualities, flipping into value stocks that are geared at economic recoveries and out of growth stocks, said Richard Hunter, head of markets at Interactive Investor, in a note to clients.

“The renewed consideration of cyclical stocks as an investment destination has generally played into the hands of the FTSE 100, which has now risen by 9% in the year to date. The index is replete with sectors falling into the recovery category, such as the banks, oils and miners,” said Hunter.

Also in focus, President Joe Biden is expected on Friday to propose a $6 trillion budget for the coming fiscal year that would boost spending on infrastructure, education, healthcare and social services.

U.S. markets will be closed on Monday for the Memorial Day holiday, which also marks the start of traditional summer vacations. The U.K. will also observe a bank holiday on that same day, with those markets closed.

Among European stocks on the move, shares of banking giant HSBC
HSBC,
+1.36%

HSBA,
+2.24%

climbed more than 2%, with industrial conglomerate Siemens
SIE,
+3.35%

jumping nearly 4%.

Read: U.S. investors are pouring money into European stock funds



Market

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

Lasoco xaaladda EAST AFRICAN COUNTRIES ugu danbaysay ee Xanuunka CORONAVIRUS .