FTSE up 0.49%; DAX up 0.26%; CAC 40 up 0.69% (Il Sole 24 Ore Radiocor) - London, 08 May - European shares closed moderately higher, rising for a fourth straight session after slight gains in Asia and on Wall Street overnight. The Stoxx 600 index was up 0.35%.

Investors continued to monitor fresh earnings reports from European companies including BMW, Munich Re, Siemens Energy, Alstom, Skanska, ABInbev and Swatch Group.

Uncertainty over the timing of potential US interest rate cuts kept sentiment in check after mixed signals from US policymakers. Minneapolis Federal Reserve president Neel Kashkari said yesterday that the Fed could keep interest rates steady for the rest of the year amid stubborn inflation, undermining expectations of rate cuts.

The comments come after last Friday's weaker-than-expected nonfarm payrolls data had fueled expectations of a September rate cut, helping lift the equity markets.

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.

Back in Europe, Sweden's central bank today cut interest rates for the first time in eight years. The Riksbank slashed its main interest rate by 0.25 percentage points to 3.75% and pointed to two more cuts could be expected if inflation continues to ease.

Traders also digested data showing that German industrial production contracted in March, falling by 0.4% from to the previous month after increasing by 1.7% in February and adding to expectations of an early rate cut from the European Central Bank.

Data showed yesterday that German industrial orders fell in March by 0.4% on the previous month, below the expected 0.4% rise.

The London FTSE 100 closed up 0.49% at 8,354.05 points, the Frankfurt DAX added 0.26% at 18,486.95 points, the Paris CAC 40 gained 0.69% at 8,131.41 points, while in Milan the FTSE MIB fell 0.27% at 34,151.41 points, and in Madrid the IBEX 35 closed 0.65% higher at 11,152.50 points.

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(RADIOCOR) 08-05-24 18:00:22 (0633) 5 NNNN