The pan-European Stoxx 600 index climbed, fueled by hopes for interest rate cuts from the Bank of England. Mining stocks surged after reports of potential merger talks between Glencore and Rio Tinto. European economic data showed a slight uptick, but UK retail sales disappointed, leading to speculation about further easing by the Bank of England. Meanwhile, Wall Street futures also edged higher.
The pan-European Stoxx 600 index was 0.6% higher at 9:46 a.m. London time, with most sectors and all major bourses edging higher. Mining stocks led the gains, with the sector up 1.4% afterGlencore had been in talks with Rio Tinto to explore the industry's largest ever merger. The talks are reportedly no longer active., with gross domestic product rising 0.1% on a monthly basis after two months of economic contraction. While the data ended the U.K.
The data out of the U.K. this week has fueled hopes that the Bank of England will resume interest rate cuts at its next monetary policy meeting in February. Traders are overwhelmingly pricing in a 25-basis-point cut from the central bank at its upcoming meeting, according to LSEG data. CEO Xavier Rossinyol said in a statement on Friday that the share buyback reflected Avolta's"strong balance sheet, financial performance and confidence in its future cash generation."
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