European Stocks Rise; Pernod Surges
he Stoxx Europe 600 Index rose 0.3% at 8:20 a.m. London time, led by the automotive sector after data showed the European new car market posted its biggest increase in 15 months in July. Utilities lagged behind and were the main drag.
Individually, Pernod Ricard surged 5.1% after fourth-quarter organic sales beat consensus estimates. On the political front, markets are still watching France: Prime Minister François Bayrou is pushing for a confidence vote, while Citigroup has cut its recommendation on French stocks to “neutral,” citing a potential 5% drop in valuations in the event of an election. However, some strategists believe French political risks are unlikely to derail the major European indices' best performance against the S&P 500 in nearly two decades.
In the US, Nvidia delivered a tepid earnings forecast, signaling a slowdown after two years of booming AI spending, sending its shares down about 3% in after-hours trading. However, some market participants believe that no one can deny the narrative of the technology sector's extraordinary growth. (ayu)
Source: Newsmaker.id
