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June 29, 2023
12:24 pm
Traders on the Frankfurt Stock Exchange (Reuters)
European stocks rose, on Thursday, supported by the rise of the Swedish clothing “H&M” stock, after the company achieved stronger-than-expected profits, but statements related to tightening monetary policy from a number of senior central bank officials limited risk appetite.
The European STOXX 600 index rose 0.1%, a day after a number of senior central bank officials, including Jerome Powell, Chairman of the US Federal Reserve, hinted at the need for more hikes in interest rates to curb inflation.
The French “CAC 40” index rose 0.10% to 7,293.51 points, while the British “FTSE 100” index fell 0.20% to 7,485.26 points. The German DAX index lost 0.07% to 15,937.33 points.
H&M stock rises
H&M shares jumped 7.3%, to the highest level in more than a year, after the world’s second largest retailer in the apparel sector achieved higher-than-expected quarterly operating profits, and the company said: “It expects to achieve strong sales in the third quarter as well.” ».
The rise of “H & M” pushed the sub-index of the European retail sector up 1.1%, while the automotive sector was the second highest riser.
Renault shares rose 4.2%, after the French automaker raised its forecast for the full fiscal year. (Reuters)
2023-06-29 08:24:03
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