European Shares Edge Higher as Investors Await Fed Decision and Eurozone Inflation Data
European stocks opened higher on Tuesday, buoyed by gains in technology and oil stocks. However, investors remained cautious ahead of the Federal Reserve’s meeting and the release of Eurozone inflation data.
By 0716 GMT, the pan-European STOXX 600 index had risen 0.2% to 512.61 points, with gains being limited by the food and beverages sector.
Diageo (LON), a leading spirits manufacturer, saw its shares fall by 8% following a report of a 4.8% decline in annual profit, which did not meet analysts’ expectations.
The basic resources sector dropped 0.7% as prices for base metals, including aluminum and zinc, hit three-month lows due to slowing global growth and risk-averse sentiment.
BP (NYSE) saw a 2% increase in its shares after reporting a second-quarter profit of $2.76 billion, surpassing market expectations. The company also announced an increase in its dividend and an extension of its share repurchase program, boosting the oil sector by 0.7%.
Standard Chartered (OTC) shares rose 4.7% after the bank announced its largest share buyback of $1.5 billion and raised its annual earnings forecast.
St James’s Place surged 17.8% as the British wealth manager revealed plans to cut costs by tens of millions of pounds.
The technology sector gained 0.5%, with investors anticipating results from Microsoft (NASDAQ) later in the day.
The Federal Reserve is set to begin its two-day monetary policy meeting, and investors are also awaiting Eurozone inflation data, which is expected to be released at 0900 GMT.
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