Salem Radio Network News Sunday, September 25, 2022

Business

European shares bounce as cyclicals, growth stocks find footing

(Reuters) – European shares opened higher on Monday, led by cyclical and growth stocks, after clocking falls in the previous week when a strong U.S. jobs report rekindled bets of another aggressive rate hike by the U.S. Federal Reserve.

The pan-European STOXX 600 index added 0.8%, steadying after snapping two weeks of gains on Friday.

Miners, technology and autos, among the hardest hit in the previous week, led early gains on Monday.

Focus shifts to a key inflation data from the world’s biggest economy later in the week, after global stock markets were spooked by data on Friday that showed a large increase in U.S. employment.

Among other stocks, French utility company Veolia rose 3.3% as it confirmed it would sell Suez’s UK waste business to Australia’s Macquarie Group Ltd for around 2.4 billion euros ($2.4 billion).

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila)

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