(Reuters) – European shares opened higher on Friday, led by gains in blue chip stocks, as investors remained optimistic after the European Central Bank hinted it could begin cutting interest rates as soon as June.
The pan-European index added 0.9% and expected a weekly gain of 0.4%, while the blue-chip index gained 1.1%.
The Core Resources Index led the sector’s growth, rising 2%, driven by higher prices for non-ferrous metals.
Shares in major regional economies such as Germany, France, Spain and Italy rose between 0.5% and 1.0%.
Among the top gainers, shares of Varta fell 32.6% to a record low and are on track for their worst day since September 2022 after the German battery maker said its restructuring plans would fail to make it profitable by 2026.
Elsewhere, the index rose 0.8% after data showed UK economic output rose for a second month in a row in February, with January’s figure revised upward.