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  • Writer's pictureanalysiswatch

Title: European shares rise cautiously after two-day decline

Jun 02, 2022 03:40AM ET

By: AnalysisWatch

European equities rebounded on Thursday, led by technology and healthcare companies, with gains limited by declines in energy stocks and concerns over slowing economic growth.

The pan-European STOXX 600 index was up 0.4 per cent by 0719 GMT. Trading volumes are expected to be subdued as markets in London are closed due to a bank holiday on the occasion of Queen Elizabeth's platinum jubilee.

Oil stocks fell amid falling crude prices on reports that Saudi Arabia may increase production in response to US insistence. An OPEC+ meeting was also expected in search of production information.

Eurozone producer price data for May, due out in the morning session, is expected to show that prices are likely to have declined month-on-month but increased year-on-year.

Investors will also be keeping an eye on US private sector employment data to be released later in the day.

Concerns about slowing growth have gripped markets of late as inflation rises and central banks try to contain it without driving the economy into recession. The STOXX 600 index will end the week down about 0.8%.

Among other stocks, Scandinavian airline SAS jumped 4.4% on news that a group of foreign investors is considering a takeover.

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