European Stocks Rise as US Inflation Cools
(MENAFN) European equity markets largely closed higher on the second trading day of the week, with the exception of Germany, after data revealed that annual inflation in the United States came in lower than market forecasts for July.
The continent-wide Stoxx 600 index inched up by 0.21%, or 1.13 points, finishing the session at 547.89. In the UK, the FTSE 100 index advanced by 0.2%, closing at 9,147.81. France's CAC 40 index saw a stronger rise of 0.71%, ending the day at 7,753.42.
Italy’s FTSE MIB 30 also recorded a gain of 0.85%, settling at 41,935.42, while Spain's IBEX 35 showed only a marginal increase of 0.02%, reaching 14,859 points.
Conversely, Germany's DAX 40 declined by 0.23%, closing the day at 24,024.78, bucking the general trend across the region.
The U.S. annual inflation rate for July stood at "2.7%", slightly undercutting the anticipated "2.8%". The monthly inflation figure was also reported at "0.2%", according to data from the "Bureau of Labor Statistics."
In related financial news, the globe's leading sovereign wealth fund, Norges Bank Investment Management, proceeded with its ongoing strategy of removing Israeli businesses from its investment holdings.
By the close of June, the Norwegian fund’s holdings in Israeli firms were valued at "$2.24 billion" across "61 companies." As of Tuesday, a total of "17 Israeli companies" had been excluded, amounting to a combined worth of "$143.3 million."
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