Europe open: Shares rise on rate cut hopes; Barry Callebaut soars

17th Sep 2024 08:12

(Sharecast News) - European shares made a strong start on Tuesday, with investors still eyeing the US Federal Reserve for a rate cut this week.

The pan-regional Stoxx 600 index was up 0.57% at 518.06 in early deals with all major bourses higher.

"While markets remain certain of a rate cut at tomorrow's Fed meeting, the jury is still broadly split as to whether the reduction will be a quarter point or a half point," said Hargreaves Lansdown analyst Derren Nathan.

"US Bond yields were largely flat yesterday suggesting little change in opinion. There will be a few final pieces of the jigsaw for policy makers to digest later today, including US retail sales and industrial production."

Oil prices were above $73 as Hurricane Francine continue kept 12% of crude output shut down in the Gulf of Mexico.

In equity news, DIY chain owner Kingfisher gained more than 5% as it lifted the lower end of full-year profit guidance as half-yearly earnings rose.

Shares of Barry Callebaut surged by 7% % after Barclays raised the stock's rating to 'overweight' from 'underweight'.

Reporting by Frank Prenesti for Sharecast.com