|
By (Reuters) -European shares rose on Wednesday, lifted by resource-linked stocks and banks, with investors watching for updates from central banks on monetary policy tightening amid rising concerns of an economic slowdown. The pan-European STOXX 600 index rose 0.6%. Banks, which benefit when interest rates rise, rose 1.1% to hit a fresh one-month high and were among the biggest boosts to the index. Focus will be on minutes of the U.S. Federal Reserve's previous meeting, due later in the day, to asses the thinking among policymakers on the path for interest rate hikes. European Central Bank President "Investors are reassessing continuously the likelihoods of continued tightening by the Fed and other central banks," said "What will transpire is that the Fed remains determined to normalize monetary policy. After they've reached what they believe is neutral policy, which might be in the region of 3%, they will reassess. The minutes will confirm that, for now, the Fed is not blinking." Asian stocks and "The ongoing tragedy of the war in Wall added that daily market volatility will likely remain and diversification of portfolios is the best way to navigate the tides. Energy and material stocks were among the biggest gainers in Meanwhile, the utilities sector rose 2.0% as power generators recovered from a plunge spurred by worries about a windfall tax. Power company SSE Plc gained 5.7% after reporting a 23% surge in annual profit. A survey on Wednesday showed German consumer morale is projected to inch up in June but warned of inflation crimping household spending. This follows data on Tuesday that showed resilience in euro zone business growth amid a slowdown. Separate data from Swedish medical equipment maker Elekta gained 3.0% on a profit beat. (Reporting by
Copyright © Reuters 2008.
All rights reserved. Republication or redistribution of Reuters content,
including by caching, framing or similar means, is expressly prohibited without
the prior written consent of Reuters. Reuters and the Reuters sphere logo are
registered trademarks and trademarks of the Reuters group of companies
around the world.
More Equity NewsSearch NewsFilter ResultsPublication DateTopicProvider |
News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.