European Shares Consolidate Near Record Highs

European shares rose on Monday, August 30, to consolidate near record highs reached earlier this month, as hopes that continued central bank support will maintain the economic recovery dispelled the impact of fears surrounding the delta strain of the Coronavirus.

The STOXX 600 index of the broader European shares rose 0.1%, as the index heads to end August with an increase of more than 2%, to gain for the seventh consecutive month in what will represent the longest winning streak in more than eight months.

Riskier assets including stocks remain supported after US Federal Reserve Chairman Jerome Powell on Friday charted a slower-than-expected path for interest rate increases.

Oil and gas stocks rose 0.2% even as crude prices slipped from a three-week high after a powerful hurricane hit the US Gulf Coast, forcing authorities to shut down hundreds of offshore oil rigs and evacuate workers.