European Stocks Rise as Investors Digest ECB’s Monetary Policy Announcement
By Investors Hub
European stocks have moved mostly higher on the day as investors digest the European Central Bank?s monetary policy announcement.
While the French CAC 40 Index has climbed by 0.7 percent, German DAX Index is up by 0.4 percent and the U.K.?s FTSE 100 Index is up by 0.3 percent.
On the data front, German consumer price inflation climbed 2.2 percent year-on-year in May, faster than the 1.6 percent increase in April but in line with the estimate published on May 30th, final data from Destatis showed.
French consumer price inflation accelerated as initially estimated in May, while U.K. retail sales growth accelerated more than expected.
The pound spiked higher after data showed U.K. retail sales volume including auto fuel grew 1.3 percent month-on-month following April’s 1.8 percent increase. This was the second consecutive rise in sales and much bigger than the expected 0.5 percent.
Volkswagen has moved to the downside after German prosecutors imposed a 1 billion euro fine on the automaker in connection with its emissions-cheating scandal.
Bertrandt Group has also fallen after posting disappointing first-half financial results. Leasing company Grenke has also slumped after announcing a capital increase.
Meanwhile, Rolls Royce Holdings shares have advanced on a Bloomberg report that the jet engine manufacturer plans to eliminate about 4,000 jobs as part of efforts to simplify its business and boost profit margins.
Renault has also moved higher after the Financial Times reported that Carlos Ghosn is likely to step down as chief executive of the company before his term ends in 2022.