Europe open: Shares open higher on upbeat US, UK data; Nibe soars

16th Aug 2024 07:48

(Sharecast News) - European shares opened higher again as data from the US allayed fears of a potential recission, while upbeat retail sales figures in the UK also boosted sentiment.

The pan-regional Stoxx 600 index was up 0.18% at 510.80, rounding off a more positive week for equities after the recent sell-off.

US markets all closed sharply higher overnight as unemployment claims in the US dipped unexpectedly during the previous week. According to the Department of Labor, in seasonally adjusted terms first time jobless claims fell by 7,000 over the week ending on 10 August to reach 227,000. Economists had forecast a slight rise to 235,000.

Retail sales in the world's biggest economy also jumped last month, driven by a rebound in auto purchases. According to the Department of Commerce, in seasonally adjusted terms, retail sales volumes shot 1.0% higher month-on-month to reach $709.7bn. That followed a revised 0.2% decline in June, but was more than twice the 0.3% gain projected by economists.

In the UK, retail sales rebounded to 0.5% growth in July from a 0.9% decline in the previous month, in line with expectations.

On the equities front, shares in Nibe surged as the Swedish heat pump maker reported first-half earnings.

Reporting by Frank Prenesti for Sharecast.com