London: The European stocks rose today as investors awaited a series of earnings reports and data, while investor sentiment improved due to hopes that the Federal Reserve (the US central bank) will cut interest rates at its monetary policy meeting in September.
According to Oman News Agency, the European Stoxx 600 index rose by approximately 0.35 percent, equivalent to 1.90 points, reaching 542.50 points during morning trading. Germany’s DAX index saw an increase of 0.61 percent, or 145.77 points, reaching 23,903.46 points. Meanwhile, France’s CAC 40 index rose by 0.28 percent, or 21.01 points, to 7,653.02 points, and the UK’s FTSE 100 added 27.04 points, or 0.30 percent, reaching 9,155.34 points.
Fresnillo shares experienced a notable rise of 6.3 percent after the mining company reported strong first-half results. Smith and Nephew led the gains, with shares jumping 12 percent following the British medical products manufacturer’s announcement of an 11.2 percent increase in first-half profits and the launch of a new USD 500 million share buyback for the remainder of the year.
Shares of BP also saw a rise of 1.4 percent after the oil giant stated it would review assets and costs to enhance profitability, with its second-quarter earnings surpassing expectations.