Europe open: Shares up ahead of US payrolls; Anglo-American in focus again

3rd May 2024 08:22

(Sharecast News) - European shares opened higher on Friday as corporate news just kept coming with investors cheering better-than-expected results from tech stalwart Apple and a report that Glencore was considering a rival bid for Anglo-American.

The benchmark Stoxx 600 index was up 0.26% to 504.54 with all major bourses up after a strong showing on Wall Street. Investors will also be eyeing US jobs data later in the day.

Commodities giant Glencore is reportedly mulling an approach for Anglo American which has already rejected a $39bn offer from BHP Group. Shares in the takeover target were up 2.7% in London.

In economic news, European Central Bank policymaker Yannis Stournaras said the ECB is "most likely" to cut interest rates just three times this year as stronger-than-expected economic growth supports inflation.

Policy dove Stournaras, who called for a rate cut in June, said in an interview that an economic rebound in the first quarter of the year made three cuts more likely than four.

In equity news shares in Credit Agricole rose as the French bank posted a forecast-beating 55% jump in first-quarter net profit while rival Societe Generale was also higher as net income fell less than expected in the first three months of the year.

Reporting by Frank Prenesti for Sharecast.com