European shares tick higher as easing Fed hike bets lift gold

Business Recorder reported that European shares edged higher on Monday, with the pan-European STOXX 600 rising 0.2% to 659.30 points by 0708 GMT. Basic resources led the gains with a 1.4% rise as gold prices climbed on a softer dollar and weaker US economic figures, while technology stocks added 1.1%.

Support for sentiment also came from reduced expectations that the Federal Reserve would raise interest rates. Antofagasta, Hochschild Mining and Glencore each gained between 2.2% and 2.7%, and energy shares rose 0.3% as crude prices moved up. Food and beverages was the weakest sector, slipping 0.7%.

The report said investors had turned their attention to macroeconomic and geopolitical developments after a strong European earnings season, with second-quarter profit expectations climbing steadily. Tensions between Iran and the United States also drew attention, after Iran urged the US to accept defeat and President Donald Trump described Tehran as 'very evil' while warning Americans of continued high fuel prices.