Economic news

Energy Stocks Boost European Shares ahead of ECB Minutes

Aug 25 (Reuters) - European shares rose on Thursday after GDP data from the continent's largest economy beat analyst expectations, while gains were capped on nervousness ahead of minutes from the European Central Bank's last policy meeting.

The pan-European STOXX 600 rose 0.6% as of 0712 GMT. Energy stocks jumped 1.2% to near 12-week highs as crude prices rose on mounting supply tightness concerns.

Germany's DAX jumped 0.8%. The German economy expanded by 0.1% in the second quarter, beating analyst expectations, supported by private and government spending despite the energy crisis.

Market focus was also on minutes from the European Central Bank's last policy meeting in July to be released later in the day, when the bank hiked its interest rate by a larger-than-expected 50 basis points, as well as German Ifo business numbers due at 0800 GMT.

Novartis rose 0.8% after saying it would spin off Sandoz and list the biosimilars unit on the Swiss stock exchange to create the No.1 European generics company and a more focused parent group.

Fortum fell 0.6% after the Finnish utility posted a second-quarter net loss of 7.4 billion euros ($7.4 billion), hit by losses at its German subsidiary Uniper.

Reporting by Anisha Sircar in Bengaluru; Editing by Krishna Chandra Eluri

Source: Reuters

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