- Millicom gains after JP Morgan upgrade
- Casino slumps after financial restructuring
- German retail sales fall unexpectedly in Feb
- STOXX 600 up 0.3%
March 28 (Reuters) - European shares inched higher on Thursday, heading into the long Easter weekend, propped up by gains in JD Sports after reiterating its annual profit forecast, while the benchmark index eyed a second consecutive quarter in the green.
The pan-European STOXX 600 edged 0.3% up and eked out a fresh record high, as of 0940 GMT. The index has, however, remained range-bound for nearly four sessions.
The benchmark index is eyeing a second straight quarter of gains, up 7% so far, fuelled by a rally in technology stocks on the back of artificial intelligence fervour and interest rate cut signals from major central banks.
"A resilient economy and sticky inflation picture will prevent any meaningful rally. But expectations of the start of an easing cycle will prevent a meaningful sell-off. Hence, we are in a range-bound environment," said Mohit Kumar, chief economist Europe, at Jefferies.
Market focus now squarely remains on the U.S. personal consumption expenditure data, due on Friday when markets are closed, to ascertain the Federal Reserve's timing of rate cuts, potentially setting the tone for other central banks.
JD Sports climbed nearly 6% to the top of STOXX 600 as the sportswear retailer said its pre-tax profit for the year ahead was in line with its guidance.
The stock lifted the broader retail sector up 0.7% and was the top sectoral boost.
Oil and gas shares also aided gains, up 0.2% as crude prices advanced following two consecutive sessions of declines as investors reassessed the latest data on U.S. crude oil and gasoline inventories.
On the day's data front, German retail sales fell unexpectedly in February, while the number of unemployed people in the country rose less than expected in March. The DAX 40 index inched up 0.1%.
Among other stocks, Millicom rose 2.6% after JP Morgan upgraded the Swedish telecom group to "overweight" from "neutral".
Casino slumped 65.4% after the French food retailer completed its financial restructuring and said a new leadership team formed around Czech billionaire Daniel Kretinsky was taking control.
Reporting by Shristi Achar A in Bengaluru; Editing by Mrigank Dhaniwala and Sohini Goswami
Source: Reuters