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European stocks rise ahead of US inflation data

European stocks hit a record high on Friday after US President Joe Biden reportedly demanded $ 6 trillion in his 2022 federal spending plan. Biden will announce the first full budget on the same day.

Investors are also waiting for the latest information on the Fed’s higher-than-expected inflation index, the Consumer Expenditure Price Index, which could force the US Federal Reserve to tighten its monetary policy. In the concern.

The STOXX 600 index across Europe rose 0.4% to 448.29, with a slight weekly rate of increase.

Germany’s DAX rose 0.5 percent, France’s CAC 40 index rose 0.4 percent, and the UK’s FTSE 100 rose 0.2 percent.

German industrial conglomerate Siemens rose 3.5%, leading expectations for an economic recovery.

Banking giant HSBC rose 2.2% in London and Standard Chartered rose 1.7%.

TUI AG has fallen slightly. The travel agency said it had agreed to sell a 49% stake in the RIU Hotels SA joint venture to Saranja SL, an entity of the RIU group owned by Carmen and Luis Riu.

In the economic announcement, the European Commission’s Economic sentiment index rose sharply from 110.5 in April to 114.5 in May, exceeding expectations for a score of 112.1.

France’s consumer price index accelerated from 1.2% in April to 1.4% in May, according to flash data from the Statistics Bureau Insee.

This rate is in line with economists’ expectations, with a similar higher rate last reported in February 2020.

French Economy Official data, revised for a 0.1% reduction in the first quarter of 2021, show that construction was worse than previously predicted, leading to a recession.

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European stocks rise ahead of US inflation data

Source link European stocks rise ahead of US inflation data

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