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June 29, 2023
12:24 p.m
Traders at the Frankfurt Stock Exchange (Reuters)
European shares rose on Thursday, supported by a rise in Swedish clothing giant H&M after the company reported stronger-than-expected profit, but reports of tightening monetary policy from several senior central bank officials curbed risk appetite.
The European STOXX 600 rose 0.1%, a day after several senior central bank officials, including US Federal Reserve Chairman Jerome Powell, indicated that more interest rate hikes are needed 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 shares rise
H&M shares rose 7.3% to a more than one-year high after the world’s second-largest clothing retailer posted a better-than-expected quarterly operating profit, the company said: “It expects to achieve strong sales. Also in the third quarter.”
“H&M”‘s rise lifted the European retail sector’s sub-index by 1.1%, while the automobile sector was the second-highest gainer.
Renault shares rose 4.2% after the French automaker raised its forecast for the full fiscal year. (Reuters)
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