FTSE up 1.22%; DAX up 1.43%; CAC 40 up 0.99% (Il Sole 24 Ore Radiocor) - London, 07 May - European shares closed broadly higher, rising for a third straight day after gains in Asia and on Wall Street overnight. Investors continued to monitor fresh earnings reports from European companies including BP, Deutsche Post, Infineon, Siemens Healthineers, UBS, Adecco, Bouygues, Banco de Sabadell and UniCredit.

Sentiment remained underpinned by renewed bets that the Federal Reserve would slash rates rates sooner than thought this year, following a softer than expected US nonfarm payrolls report on Friday. Last week the US central bank decided to hold interest rates steady at a range of 5.25% to 5.5% as widely expected amid sticky inflation, but Fed Chair Jerome Powell downplayed the possibility of a rate hike as the central bank's next move.

Traders also digested data showing that German industrial orders fell in March by 0.4% on the previous month, below the expected 0.4% rise.

Seasonally adjusted retail trade volumes in the eurozone increased by 0.8% in March 2024 compared with the previous month, while calendar adjusted retail sales increased by 0.7% compared to the year earlier, data from European Union statistical office Eurostat showed.

The London FTSE 100 closed up 1.22% at 8,313.67 points, the Frankfurt DAX added 1.43% at 18,431.50 points, the Paris CAC 40 gained 0.99% at 8,075.68 points, while in Milan the FTSE MIB rose 0.75% at 34,343.49 points, and in Madrid the IBEX 35 closed 1.52% higher at 11,083.54 points.

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(RADIOCOR) 07-05-24 18:05:40 (0722) 5 NNNN