European Stocks Gain as US Inflation Fuels Fed Rate Cut Bets
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European stocks held on to small gains, as cooling US inflation fueled bets of a Federal Reserve rate cut in September. Earlier figures showed lower-than-expected UK inflation that also boosted sentiment, while UBS Group AG rose on upbeat earnings.
The Stoxx Europe 600 Index was up 0.5% by the close. The travel and leisure sector jumped, boosted by Flutter Entertainment Plc after the operator of the FanDuel online sportsbook beat estimates. Miners lagged after the world’s largest steel company flagged an industry-wide crisis in China.