FRANKFURT, May 31 (Bernama-dpa-AFX) -- European stocks closed higher on Thursday as the latest batch of economic data from the US helped ease concerns about the outlook for Fed interest rates, reported dpa-AFX.
Stocks also found support thanks to some bargain hunting after recent losses. Revised data released by the Commerce Department on Thursday showed US economic growth slowed by more than previously estimated in the first quarter of 2024. The report said gross domestic product climbed by 1.3 per cent in the first quarter compared to the previously reported 1.6 per cent jump.
First-time claims for US unemployment benefits crept modestly higher in the week ended May 25, rising to 219,000, an increase of 3,000 from the previous week's revised level of 216,000, data from the Labor Department showed.
Economists had expected jobless claims to inch up to 218,000 from the 215,000 originally reported for the previous week.
The pan European Stoxx 600 ended up 0.59 per cent. The UK's FTSE 100 climbed 0.59 per cent, Germany's DAX edged up 0.13 per cent and France's CAC 40 ended higher by 0.55 per cent, while Switzerland's SMI gained 0.65 per cent.
Among other markets in Europe, Denmark, Finland, Norway, Portugal, Spain and Sweden closed higher.
Belgium, Greece, Iceland, Poland, and Russia ended weak, while Austria, Netherlands, and Turkey closed flat.
In European economic news, the euro area unemployment rate dropped marginally in April, data published by Eurostat showed. The unemployment rate fell to 6.4 per cent in April from 6.5 per cent in March. The rate was expected to remain unchanged at 6.5 per cent.
Euro area economic confidence improved in May as the economy recovered from a recession and the unemployment rate dropped slightly in April, separate data showed. The economic confidence index rose less-than-expected to 96.0 in May from 95.6 in the previous month, survey results from the European Commission revealed. The reading was forecast to improve more sharply to 96.2.
--BERNAMA-dpa-AFX
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
