(APRNEWS) - European stock markets opened on Friday at record highs, led by energy companies and miners, positioning the benchmark index for its biggest weekly gain since late January, amid increasing bets on interest rate cuts in the region.
Rate Cut Speculations Drive Market Surge
The pan-European STOXX 600 index rose by 0.5% in a broad-based rally, aiming for a 2.8% weekly gain.
This week, the Bank of England hinted at rate cuts in the summer, and Sweden's Riksbank implemented its first rate cut since 2016. Last month, the European Central Bank signaled a rate cut in June at its monetary policy meeting, highlighting Europe's divergence from the US Federal Reserve.
Investors are awaiting the minutes from the ECB's latest policy meeting later on Friday.
Energy and Mining Sectors Lead the Charge
Basic resources, up 1.4%, led sectoral gains thanks to rising metal prices, while energy stocks gained 1.1% in line with oil price increases.
Iveco Group surged by 4% after the Italian truck and bus manufacturer reported higher operating results in the first quarter, with an improved margin across all business segments.
Zalando rose by 3.8% after Berenberg upgraded the German online retailer's rating to "Buy" from "Hold," while Symrise fell by 1.2% after Berenberg downgraded the German flavors and fragrances manufacturer's rating to "Hold" from "Buy."
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