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.
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.
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.
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.
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.
Published December 29th, 2023 at 14:24 IST