European shares edge higher as miners and banks gain

Jul 12 10:07 2019 Print This Article

European markets edged higher on Friday, lifted by financial and mining stocks, with uncertainty over a U.S.-China trade deal limiting gains fuelled by dovish signals from the Federal Reserve this week.

Fed Chair Jerome Powell confirmed the U.S. economy was still under threat from disappointing factory activity, tame inflation and a simmering trade war, and said the Fed stood ready to “act as appropriate.”

The pan-European STOXX 600 index up 0.2% by 0855 GMT, lifted by a 1.5% rise in basic resources stocks .SXPP as China iron ore logged its best week since around mid-June. Banks .SX7P rose 0.7%.

Meanwhile, data out of China showed that Beijing’s exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world’s second-largest economy.

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