European shares advance on rate optimism; UK elections in focus
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July 4 (Reuters) -European shares climbed on Thursday boosted by optimism on interest rate cuts by the Federal Reserve after weak U.S. data, while London markets gained as voting began in the UK with opinion polls predicting a historic win for the Labour party.
The pan-European STOXX 600 index .STOXX rose 0.3% by 0710 GMT, led by gains in the banking sector .SX7P.
Automobiles .SXAP added 0.8%, mainly driven by German automotive supplier Continental CONG.DE jumping as much as 9.6%.
The UK's FTSE 100 <>FTSE> advanced 0.5% as markets waited to see just how large a majority the Labour Party might get.
Weak U.S. data boosted sentiment on rate cuts as first-time applications for U.S. unemployment benefits increased last week, indicating a cooling labour market.
German industrial orders fell unexpectedly in May, declining by 1.6% on the previous month on a seasonally and calendar adjusted basis.
Among other movers, Roche ROG.S dropped 2.3% after it announced plans to halt a trial for its experimental lung cancer drug due to lackluster results.
Sweden's Ericsson ERICb.ST slipped 1.5% after the telecoms equipment maker recorded another impairment charge of 11.4 billion Swedish crowns ($1.09 billion) in the second quarter of 2024.
Reporting by Jesus Calero in Gdansk and Shubham Batra in Bengaluru; Editing by Mrigank Dhaniwala
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