European stocks inch up as central banks navigate inflation concerns

European stocks edged higher on Tuesday as traders remained hopeful that central banks would avoid pushing global economies into a recession by raising interest rates excessively to combat inflation.

The pan-European Stoxx 600 index rose 0.2%, while France’s Cac 40 and Germany’s Dax increased 0.1%.

Asian markets followed suit, with Australia’s S&P/ASX 200 up 0.5%, China’s CSI 300 up 0.2% and Hong Kong’s Hang Seng up 0.6%. However, Japan’s Topix fell 0.6%.

Oil prices rose as Saudi Arabia and Russia announced supply cuts for August. Brent crude gained 0.8% to reach $75.27 per barrel, and West Texas Intermediate rose 0.9% to $70.42.

Germany faced concerns as new data showed a 0.1% decline in May exports, well below expectations. 

Investors are now awaiting key economic data, including the US employment report, which is expected to provide insights into the Federal Reserve’s future policy decisions and influence trading activity.

© 2023 funds europe

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