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European shares higher on hopes of Fed action, chip stocks gain on Apple report

Credit: REUTERS/STAFF

European shares rose on Friday as investors were hopeful of further monetary easing from the U.S. Federal Reserve in the wake of poor economic data, while chip stocks nudged higher after a report said Apple was increasing production of its new iPhone models.

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Oct 4 (Reuters) - European shares rose on Friday as investors were hopeful of further monetary easing from the U.S. Federal Reserve in the wake of poor economic data, while chip stocks nudged higher after a report said Apple was increasing production of its new iPhone models.

The pan-European STOXX 600 .STOXX index rose 0.3% by 0713 GMT, led by a 1% jump in the technology index .SX8P. Chipmakers were among the top gainers after a report said Apple Inc AAPL.O would increase its iPhone 11 production.

Shares of chipmakers AMS AMS.S, Infineon Technologies IFXGn.DE, STMicro STM.PA and Dialog Semiconductor DLGS.DE jumped between 2.7% and 3.6%.

In a turbulent week for markets roiled by weak readings on factory and services sector activity in the United States and the euro zone, as well as U.S. tariffs on European Union goods, the STOXX 600 was on course to post its worst weekly performance in about a year.

U.S. payrolls data, due at 12:30 pm GMT, will give more insight into the health of the world's largest economy, particularly after the dismal data this week spurred a sell-off in equities globally.

Shares of London Stock Exchange Group plc LSE.L rose 2.5% after reports that some of the bourse operator's shareholders told Hong Kong Exchanges and Clearing 0388.HK to increase its takeover offer by 20%.

(Reporting by Sruthi Shankar and Ambar Warrick in Bengaluru; Editing by Bernard Orr)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 6328))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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