FTSE up 0.21%; DAX up 0.33%; CAC 40 down 0.32% (Il Sole 24 Ore Radiocor) - London, 27 Aug - European shares closed mostly higher after the Dow Jones Industrial Average set a new record high in dealings yesterday after Federal Reserve chair Jerome Powell indicated "the time is right" for an interest rate cut.

Investors however remained on the sidelines as they awaited earnings from Nvidia, which are seen as a potential market mover given the chip designer's role this last year in driving stocks higher on the back of AI frenzy.

Investors are also setting out their stalls for a series of key US data readings due later this week including a second GDP reading, jobless claims and, critically, the inflation gauge favored by the Federal Reserve.

In European data, Germany's GDP in the second quarter fell by 0.1% on the previous quarter, on a price, seasonally and calendar adjusted basis after rising by 0.2% on a quarterly basis in the first three months of 2024, according to the statistics office Destatis.

According to a survey published jointly by GfK and the Nuremberg Institute for Market Decisions (NIM) Germany's consumer climate is expected to come in at -22.0 points in September compared to a revised -18.6 points in August.

The London FTSE 100 closed up 0.21% at 8,345.46 points, the Frankfurt DAX rose 0.33% at 18,683.83 points, the Paris CAC 40 shed 0.32% at 7,565.78 points, while in Milan the FTSE MIB gained 0.52% at 33,778.80 points, and in Madrid the IBEX 35 closed 0.51% higher at 11,322.97 points.

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(RADIOCOR) 27-08-24 18:10:43 (0471) 5 NNNN