European Stocks Rise, US Data Boosts
European stock markets rallied on Friday (July 3rd). The STOXX 50 and STOXX 600 indices each rose 0.5%, following positive sentiment in Asian markets after better-than-expected Chinese services sector data.
Market gains were also supported by weaker-than-expected US employment data. This data eased investor concerns that the Federal Reserve would raise interest rates soon. This provided room for riskier assets to rebound.
From Europe, Spanish services PMI data also provided positive sentiment. The figures were better than expected and indicated that service sector activity remained solid. This helped bolster investor confidence in the resilience of the eurozone economy.
However, trading volume is expected to be lower as US markets are closed for a national holiday. Under these conditions, index movements could be more limited as some global market players are inactive.
The gains in European stocks were led by the technology, industrial, automotive, and utilities sectors. Several major stocks posted gains, including ASML Holding (up 1.9%), Siemens (up 1.8%), ABB (up 1.8%), Airbus (up 1.9%), and Iberdrola (up 1.3%). (asd)
Source: Newsmaker.id
