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People cross the street in front of the European Central Bank headquarters building in Frankfurt am Main, western Germany, on June 5, 2024.
Kirill Kudryavtsev | AFP | Getty Images
LONDON – European markets rose on Friday, the last trading day of August, as investors looked ahead to key inflation data from across the region and the United States.
The pan-European STOXX 600 index hit a fresh record high on Friday and was last up 0.33% at 9:51 a.m. London time. Most major regional bourses and sectors were trading in the green. Technology stocks fell 0.53%, while mining stocks added 0.99% and utilities rose 0.78%.
The Stoxx 600 posted a winning day on Thursday, with technology stocks leading the gains as investors looked ahead to artificial intelligence company Nvidia's latest quarterly earnings report, released earlier in the week.
A series of key inflation data is due on Friday, in both Europe and the United States.
France's preliminary EU-harmonized consumer price index (CPI) rose 2.2% year-on-year in August, down from 2.7% in July, according to the country's statistics office. He said Friday. More inflation figures are expected later in the day from Italy and the euro zone.
This comes after German and Spanish consumer price index reports released on Thursday showed inflationary pressures easing in both countries.
In Germany, the preliminary annual reading on a consolidated EU basis fell more than expected to 2% in August, compared to expectations of 2.3% and the July reading of 2.6%. In Spain, the preliminary consolidated inflation rate was 2.4% in August, also lower than expected and down from the previous month’s reading of 2.9%.
Investors will be watching the data closely for clues on whether the European Central Bank might cut interest rates again in September.
On the data front in Europe as well, the final reading of French GDP in the second quarter reflected growth of 0.2%. according to According to the country's National Bureau of Statistics, the growth rate was lowered from the initial 0.3% reported in July.
Inflation insights from the US will also come in the form of the all-important personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge that can guide the central bank’s monetary policy. The Fed has yet to start cutting interest rates, but markets are firmly anticipating a cut in September.
U.S. futures were little changed ahead of the data after several days of volatile trading this week. Elsewhere, Asia-Pacific markets were higher on Friday.
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