European Shares Inch Higher Ahead Of US Jobs Data

(RTTNews) - European stocks were moving higher on Thursday as gains in defensive stocks offset the loss of momentum in the AI-driven tech rally.

As inflation and interest-rate concerns ease, investors await the all-important U.S. nonfarm payrolls report later in the day for further direction.

The pan European Stoxx 600 rose half a percent to 642.57 after falling 0.4 percent on Wednesday.

The German DAX gained 0.4 percent, France's CAC 40 surged 0.6 percent and the U.K.'s FTSE 100 was up half a percent.

Roche Holdings shares rose about 2 percent. The Swiss drugmaker said its experimental drug, divarasib, showed better potential than existing therapies in a late-stage study for treating advanced lung cancer.

Novartis gained 1 percent after receiving European Commission approval for Itvisma for spinal muscular atrophy.

Germany's Bayer climbed 5.2 percent after an announcement that it was consolidating its U.S. Roundup business into a new unit.

Swedish industrial group SKF surged 4.2 percent after it announced an agreement with Leader Harmonious Drive Systems to establish a joint venture in China focused on high-precision transmission components for humanoid robot joints.

French food services group Sodexo soared 9 percent after delivering stronger-than-expected Q3 performance and raising its full-year organic revenue growth forecast.

British electricals retailer Currys tumbled 3.5 percent despite the company posting improved annual profit and announcing a fresh share buyback program of up to £50 million.

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