European Stocks Soar as Investors Anticipate ECB Meeting – Find Out More!

London, England – European stocks opened on a positive note as investors eagerly anticipated the upcoming European Central Bank meeting. The Stoxx 600 was up by 0.5%, with all major sectors and bourses showing gains. The UK’s FTSE index climbed by 0.3%, Germany’s DAX rose by 0.5%, France’s CAC 40 was up by 0.4%, and Italy’s FTSE MIB saw a 0.4% increase.

In Australia, the first quarter GDP figures fell slightly below expectations, showing a growth rate of 1.1% year on year. The data indicated a slowdown from the previous quarter’s growth of 1.6%. Katherine Keenan, head of national accounts at the Australian bureau of statistics, highlighted that GDP growth was weaker in March, marking the lowest year-on-year growth since December 2020.

On the other hand, China’s services sector experienced robust growth, with the Caixin S&P Global services PMI rising to 54 in May from 52.5 in April. This marked the fastest pace of expansion in 10 months. The survey also revealed an increase in new work at the quickest rate since May 2023.

In Japan, real wages continued to decline for the 25th consecutive month in April, posing challenges for the Bank of Japan’s efforts to raise interest rates. The latest data showed a 0.7% drop in real wages, although nominal wages saw a year-on-year increase, reaching 296,884 yen.

Looking ahead, investors are eagerly awaiting the private payrolls report from ADP for insights into the labor market’s current state. Economists are predicting an increase of 175,000 positions in May, a slight slowdown from the previous month. The data will provide valuable insights into the ongoing recovery and job market trends.

As trading activity continues, stock futures remained relatively flat in the evening, with Dow futures edging up by close to 0.1%, while S&P 500 and Nasdaq 100 futures hovered around their flatlines. This stability in the futures market reflects cautious optimism among investors as they await further economic data and market developments.