Stocks

European shares rise higher on hopes of Fed action

Reuters Oct 4 | Updated on October 04, 2019 Published on October 04, 2019

The pan-European STOXX 600 index rose 0.3 per cent by 0713 GMT, led by a 1 per cent jump in the technology index. File Photo   -  Reuters

Chipmakers gain after report says Apple would increase its iPhone 11 production.

European shares rose on Friday as investors were hopeful of further monetary easing from the US Federal Reserve in the wake of poor economic data, while chip stocks nudged higher after a report said Apple was increasing production of its new iPhone models.

The pan-European STOXX 600 index rose 0.3 per cent by 0713 GMT, led by a 1 per cent jump in the technology index. Chipmakers were among the top gainers after a report said Apple Inc would increase its iPhone 11 production.

Shares of chipmakers AMS, Infineon Technologies , STMicro and Dialog Semiconductor jumped between 2.7 per cent and 3.6 per cent.

In a turbulent week for markets roiled by weak readings on factory and services sector activity in the US and the euro zone, as well as US tariffs on European Union goods, the STOXX 600 was on course to post its worst weekly performance in about a year.

US payrolls data, due at 12:30 pm GMT, will give more insight into the health of the world's largest economy, particularly after the dismal data this week spurred a sell-off in equities globally.

Shares of London Stock Exchange Group plc rose 2.5 per cent after reports that some of the bourse operator's shareholders told Hong Kong Exchanges and Clearing to increase its takeover offer by 20 per cent.

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Published on October 04, 2019
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