City of London skyline on June 10, 2024 in London, England. The City of London is a city, ceremonial shire and local government area containing London’s main central business district (CBD).
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LONDON – European stocks were higher on Thursday morning, driven by overnight gains in Asia-Pacific markets.
The pan-European STOXX 600 index was up about 1% at around 10:40 a.m. London time, with most sectors and major exchanges rising.
Mining stocks led the gains, rising more than 3.6%, while technology stocks and household goods stocks both rose about 3%.
However, oil and gas inventories fell more than 2.8% as crude oil prices fell. financial times Reports say Saudi Arabia is preparing to scrap its unofficial oil price target of $100 a barrel. Energy companies include BP, shell and total energy All trades were down more than 3%.
The European trading day started relatively upbeat after Asia-Pacific markets rose overnight.
Hong Kong’s Hang Seng Index rose 4.16% to its highest level since May, while mainland China’s CSI 300 Index rose for a seventh consecutive day.
Meanwhile, Japan’s Nikkei 225 gained 2.79%, while the broad-based Topix gained 2.66% as the Bank of Japan Published meeting minutes July meeting.
Back in Europe, shares in French luxury goods group Kering rose to the top of the region’s benchmark. The fashion group’s stock performance has fallen sharply in recent months amid concerns about demand from China. However, Kering shares rose more than 6% on Thursday.
Clothing retailer H&M’s shares fell 3% after the company reported a missed operating profit target and abandoned its profit margin target.
Swiss National Bank cuts interest rates
Swiss National Bank (SNB) Thursday Cut interest rates by a quarter of a percentage point, taking the main interest rate to 1.0%. The widely expected measure to lower borrowing costs marks the SNB’s third interest rate cut in 2024.
Meanwhile, stateside, Dow Jones Industrial Average futures edged higher on Thursday after the index broke a four-day winning streak. Traders will keep a close eye on Thursday’s weekly jobless claims report.
Economists surveyed by Dow Jones expected 223,000 initial jobless claims for the week ending September 21.
Several Fed officials are also scheduled to speak Thursday, including Chairman Jerome Powell and New York Fed President John Williams.
—CNBC’s Lisa Kailai Han and Lim Hui Jie contributed to this report.
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