![European stock markets recover slightly](https://photo-cdn.urdupoint.com/media/2024/05/_2/740x404/pic_1717076310.jpg)
European Stock Markets Recover Slightly
Sumaira FH Published May 30, 2024 | 06:38 PM
![European stock markets recover slightly](https://photo-cdn.urdupoint.com/media/2024/05/_2/740x404/pic_1717076310.jpg)
Europe's main stock markets inched higher Thursday, making up just some of the losses from the previous session when shares were hit by concerns that interest rates will stay high for an extended period
London, (UrduPoint / Pakistan Point News - 30th May, 2024) Europe's main stock markets inched higher Thursday, making up just some of the losses from the previous session when shares were hit by concerns that interest rates will stay high for an extended period.
London, Paris and Frankfurt had modest gains in midday deals after Asia's major indices closed with sizeable losses, mirroring Wall Street's weakness on Wednesday.
US Treasury yields held at their recent highs, indicating expectations of higher-for-longer interest rates.
"European markets are attempting to regain lost ground," said Joshua Mahony, chief market analyst at Scope Markets. It follows global losses Wednesday amid "significant concerns that central banks will increasingly find themselves restricted to minimal (rate) easing" in 2024, he added.
Traders awaited the release Friday of the crucial personal consumption expenditures (PCE) index, the Fed's preferred gauge of inflation, hoping for signs that prices are being brought under control enough for rates to be cut.
Ahead of the data, the Fed's "Beige Book" survey of the world's top economy suggested the outlook had become gloomier, with discretionary spending cooling and consumers more sensitive to costs in recent weeks.
It also said job gains were largely modest to negligible.
The report provided a few signs the Fed's tight policy stance was having some effect, though with inflation still well above its two percent target, rate-cut hopes have dimmed.
In Europe's biggest economy Germany, annual inflation edged up to 2.4 percent in May, official data showed Wednesday -- but analysts said it would not deter the European Central Bank from starting to cut interest rates next month. Elsewhere on Thursday, the Sydney stock market closed lower with shares in BHP shedding 1.7 percent after the Australian mining giant ended its $49-billion takeover bid for British rival Anglo American.
London - FTSE 100: UP 0.3 percent at 8,205.14 points
Paris - CAC 40: UP 0.2 percent at 7,953.06
Frankfurt - DAX: UP 0.1 percent at 18,482.15
EURO STOXX 50: UP 0.1 percent at 4,969.71
Tokyo - Nikkei 225: DOWN 1.3 percent at 38,054.13 (close)
Hong Kong - Hang Seng Index: DOWN 1.3 percent at 18,230.19 (close)
Shanghai - Composite: DOWN 0.6 percent at 3,091.68 (close)
New York - Dow: DOWN 1.1 percent at 38,441.54 (close)
Euro/dollar: UP at $1.0819 from $1.0804 on Wednesday
Pound/dollar: UP at $1.2718 from $1.2702
Dollar/yen: DOWN at 156.99 from 157.70 yen
Euro/pound: UP at 85.07 from 85.03 pence
West Texas Intermediate: DOWN 0.4 at $78.88 per barrel
Brent North Sea Crude: DOWN 0.6 percent at $83.12 per barrel
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