STOXX 600 heads for weekly gain
STOXX 600 up 0.5%
Autos sector leads
Worldline share tumble
Wall St futures steady
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STOXX 600 HEADS FOR WEEKLY GAIN
Europe's STOXX 600 index .STOXX is heading for a weekly rise, regaining some lost ground from the week before as markets bet rate cuts will help boost the economy.
The pan-European benchmark is up 0.5%, taking the weekly gain to about 1.5%. It fell 3.5% last week, its biggest drop since March 2023, in what was a difficult start to September, historically a tricky month for stocks.
The ECB gave a bump to equity markets on Thursday when it cut rates for a second time this cycle, but avoided providing a clear signal about the timing of its next move.
Attention is turning to the Fed's confab next week, where market bets on a 50 bp rate cut have increased due to whispers in financial media that the decision could be a close call.
A larger move could boost risk appetite but may also signal the Fed is more concerned about economic growth.
"It is a little less clear exactly what the market wants to hear next week," says Richard Hunter, head of markets at interactive investor, about whether the Fed goes with a 25 or 50 bp rate cut.
"Current economic data does not necessarily support the need for a larger reduction, such that the Fed would need to assuage investors that the economy is not inching towards recessionary territory."
In corporate news, it's another bad day for Worldline WLN.PA, which delivered another profit warning and announced the departure of the CEO. Shares are down over 17% at their lowest on record.
Here's your opening snapshot:
(Samuel Indyk)
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FRIDAY'S OTHER LIVE MARKETS POSTS:
EUROPEAN FUTURES EDGE UP ON RATE CUT BETS CLICK HERE
SUPER-SIZED FED CUT CLIMBS BACK ON THE TABLE CLICK HERE
Fed set to join the global easing cycle https://reut.rs/4dYBzwD
European shares head for weekly gain https://reut.rs/4dVN0Fo
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