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Euro stocks inch higher as Italy steadies

Published 07/22/2019, 03:40 PM
Updated 07/22/2019, 03:50 PM
Euro stocks inch higher as Italy steadies
IT40
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PHG
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STOXX
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SXEP
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STOXXE
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 22 (Reuters) - European shares were flat to marginally
higher in early trading on Monday, with Italian shares
recovering some ground after a bout of selling driven by
political nerves as all eyes moved to this week's meeting of the
European Central Bank.
Italian shares .FTMIB outperformed after their worst day
in months on Friday, as political tensions stirred speculation
of a snap election which would increase uncertainty for
investors but also potentially usher in a more market-friendly
centre-right coalition. After ending last week marginally higher on hopes that the
U.S. Federal Reserve could cut interest rates by a more
aggressive half-percentage point next week, the pan-euro zone
stocks benchmark .STOXXE was up around 0.05% by 0732 GMT.
Milan's main index ground out similar gains .FTMIB but the
broader pan-European index which includes London and other
non-euro markets .STOXX was marginally lower.
The ECB meets on Thursday, with money markets pricing in a
more than 50% chance of a 10 basis point cut in interest rates.
Analysts say that and next week's Fed statement are likely to
determine whether a rebound in shares since May will continue or
stall. Earnings continued to flow in, with Dutch health technology
firm Koninklijke Philips NV PHG.AS up 2.7% after it topped
comparable sales estimates for the second quarter. Keeping losses in check were energy shares .SXEP which
tracked a rise in crude prices on tensions in the Middle East.
O/R

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