European shares bounce as cyclicals, growth stocks find footing

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 3, 2022. REUTERS/Staff

Aug 8 (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 (.STOXX) added 0.8%, steadying after snapping two weeks of gains on Friday.

Miners (.SXPP), technology (.SX8P) and autos (.SXAP), 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 (MQG.AX) for around 2.4 billion euros ($2.4 billion). read more

Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila

Our Standards: The Thomson Reuters Trust Principles.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 3, 2022. REUTERS/Staff

Aug 8 (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 (.STOXX) added 0.8%, steadying after snapping two weeks of gains on Friday.

Miners (.SXPP), technology (.SX8P) and autos (.SXAP), 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 (MQG.AX) for around 2.4 billion euros ($2.4 billion). read more

Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila

Our Standards: The Thomson Reuters Trust Principles.