European stocks rise ahead of the release of economic data

European stocks rose as investors were optimistic about growing expectations of interest rate cuts as inflation declines, while awaiting the release of more economic data and comments from Federal Reserve Chairman Jerome Powell on Friday.

The STOXX 600 index rose 0.5 percent by 0810 GMT amid a broad rally following gains of 6.4 percent during November, in the best monthly performance for the European index since the beginning of the year.

The index is also on track to achieve gains for the third week in a row, led by gains in technology and financial services stocks.

The mining companies sector was the biggest gainer in early trading today, rising 2.1 percent after metal prices rose.

Investors are awaiting the reading of the Purchasing Managers’ Index, which covers the services and manufacturing sectors, and the US Central Bank Chairman’s comments later on Friday to obtain more evidence about the expectations of monetary policy globally after data issued by Europe and the United States on Thursday reflected a continued decline in inflation.

Beshtala AG shares fell 3.9 percent to the bottom of the STOXX 600 index after the technology company announced an offering of convertible bonds.

ViaPlay’s shares also fell 79.1 percent to a record low due to the faltering Swedish broadcast company’s plans to raise new shares and restructure its debts.