European markets close 1% higher; loss-making Burberry jumps 18% after unveiling overhaul plan
European markets closed higher on Thursday as traders digested a slew of earnings and assessed fresh inflation data for a signal on the possible trajectory of interest rate cuts.
The pan-European Stoxx 600 provisionally ended the day 1.08% higher, with all sectors and major bourses trading in the green. Tech stocks led gains, up 3.13%, while autos and oil and gas both added around 1.7%.
Shares of Burberry jumped more than 22%, after the British luxury house announced a sweeping overhaul strategy to stem declining sales. They ended the day up 18.7%.
It comes amid another busy day of earnings, with Siemens, Bilfinger, Merck, Fincantieri, Geox, Generali, Veon, Metro Bank, Aviva and Deutsche Telekom among other firms reporting during the session.
Investors are assessing the likelihood of another interest rate cut by the U.S. Federal Reserve in December after the latest U.S. inflation data. The October consumer price index came in as expected on Wednesday, with prices adding 2.6% on an annual basis, but signaled that the Federal Reserve’s fight against inflation is yet to be won.
Data released Thursday showed that wholesale prices rose 0.2% in October, also in line with expectations.
Source : CNBC
