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Updated December 29th, 2023 at 14:24 IST

European shares rise on last trading day of 2023, set for yearly gains

The STOXX is headed for a near 13% advance this year, with technology and retail among the best-performing sectors.

Thomson Reuters
European stocks
European stocks | Image:Unsplash
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Media stocks led an advance in European shares early on Friday, setting the index up for strong yearly gains amid rising hopes of a softer monetary policy from major central banks next year.

The pan-European STOXX 600 added 0.2 per cent by 08:11 GMT and was on track for its seventh straight weekly gain as well as its best December performance since 2021.

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Global markets have rallied since mid-December when the US Federal Reserve hinted that it could consider interest rate cuts next year, however, the European Central Bank (ECB) has not given a similar outlook.

Nonetheless, the STOXX is headed for a near 13 per cent advance this year, with technology and retail among the best-performing sectors.

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Media stocks rose 0.6 per cent, while personal and household goods added 0.4 per cent in their first gain in five sessions.

Spanish stocks advanced 0.3 per cent after a preliminary reading showed the 12-month inflation rate fell to 3.1 per cent in December, from 3.2 per cent in the period through November.

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Volumes are expected to be light on the last trading day of the year, with bourses across Europe to remain shut on January 1 on account of the New Year holiday. 

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Published December 29th, 2023 at 14:24 IST

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