Markets

European stocks rise for fifth straight session after Wall Street's record highs

2019-07-04 12:17:54 GMT (Economies.com)

European shares rose on Thursday, extending gains for the fifth consecutive session, the highest level in a year, with high market sentiment after US stocks hit record gains on Wall Street, in addition to broad satisfaction in Europe after the selection of candidates for senior positions in the European Union.

 

As of 09:35 GMT, Stoxx Europe 600 rose 0.1% its highest level since July 2018, as it ended yesterday's session up by 0.9%, its fourth daily gain in a row.

 

The index rose on Thursday morning to continue its gains for the fifth session in a row, hitting its highest level in a year, with most of Europe's major stock markets and sectors in the positive territory.

 

Standard & Poor's 500 futures was flat on Thursday, with little change after the index ended yesterday's session on Wall Street, up by 0.8%, its fifth daily gain in a row, hitting a new record high of 2,995.84 points.

 

These strong gains reached after weak US private sector jobs data, which came in less than expected in June, while the services sector unexpectedly slowed in the same month.

 

The data reinforced chances of US Fed to cut interest rates by 4% this month to support the economy in the face of growing challenges.

 

In Europe, there is a general feeling of relief after the success of European leaders in agreeing on candidates for senior positions in the European Union for the next five years, including the nomination of Christine Lagarde to the presidency of the European Central Bank.

 

In terms of trading, Euro Stoxx 50 gained more than 0.1%. while in France, the CAC 40 index rose 0.1%. with Germany's DAX rising 0.2%, and London's FTSE 100 adding 0.1%.

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