European Stocks Rise on Fed Slowdown Hopes, Prosus Slides on China Woes

The Continental STOXX 600 Index was up 1.3% by 0708 GMT, with the Travel & Leisure, Retail and Banking sectors leading gains.

Wall Street’s main indexes rose on Friday after a report said the Fed is likely to discuss a lower rate hike in December. [.N]

However, the UK’s benchmark FTSE 100 underperformed as the pound rose on news that Boris Johnson has withdrawn from the race to become Britain’s next prime minister, likely paving the way for Rishi Sunak becomes the leader.

Meanwhile, Italian stocks rose 1.4% after Giorgia Meloni was sworn in as Italy’s first female prime minister on Saturday.

Among individual stocks, Philips gained 1% after the Dutch medical equipment maker said it planned to cut around 4,000 jobs as it tried to streamline its organization.

Dutch tech investor Prosus fell around 10% on the weakness of Hong Kong’s tech gloves after Chinese President Xi Jinping’s recently unveiled leadership team raised fears that economic growth is being sacrificed for policies. based on ideology. [.SS]

Preliminary readings of Eurozone and UK trade activity for October are due out later today.

Vince Fernandez

"Professional food trailblazer. Devoted communicator. Friendly writer. Avid problem solver. Tv aficionado. Lifelong social media fanatic."

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