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European shares edged up slightly on Thursday, driven by gains in media and technology stocks, which helped the market buck a global downtrend following underwhelming results from Nvidia.
STOXX 600 Index Rises Amid Mixed Sector Performance
The pan-European STOXX 600 index gained 0.2% by 0712 GMT, buoyed by a 0.5% increase in media stocks, led by a 2.3% jump in Universal Music Group. The technology sector also contributed to the index’s rise, with a 0.3% increase, as European investors appeared to shrug off Nvidia’s quarterly forecast, which fell short of lofty expectations.
In contrast, the oil and gas sector experienced a 0.2% decline, weighed down by a nearly 2% drop in shares of Equinor.
Spanish Stocks Gain on Cooling Inflation
Spain’s IBEX 35 index rose 0.1% following data that showed inflation in the country fell to 2.4% in August. This data provided a positive backdrop for Spanish equities, helping to support the broader European market.
Focus on Upcoming Economic Data and ECB Commentary
Investors are awaiting key economic and business sentiment data for Europe, set to be released at 0900 GMT, as well as German consumer price figures due at 1200 GMT. These reports could offer further insights into the economic outlook for the region.
Additionally, market participants will be closely monitoring commentary from European Central Bank (ECB) officials, including Chief Economist Philip R. Lane, who is scheduled to participate in a panel discussion at 0915 GMT. Other ECB deputy governors, such as Aino Bunge and Olli Rehn, will also take part in various panels throughout the day.
Notable Stock Movements
Among individual stocks, Pernod Ricard gained 2% after the Western spirits maker reported full-year sales that were largely in line with forecasts. This positive performance contributed to the overall resilience of the European market in the face of global headwinds.
As European markets navigate through mixed global signals, the focus will remain on upcoming economic data and central bank commentary, which could provide further direction for investors.
