Milan's FTSE MIB up 1.03%, Paris CAC 40 0.75% higher (Il Sole 24 Ore Radiocor) - Milan , 05 Jun - European share prices were higher as investors looked ahead to an expected European Central Bank rate cut tomorrow and after US jobs data yesterday bolstered expectations of a future Federal Reserve Rate cut.

The European Central Bank is widely expected to trim rates by 0.25 percentage points to 3.75% in the first rate cut since 2019. It would be the first time the ECB would have eased ahead of the US Federal Reserve.

On the data front, the eurozone's purchasing managers' index for the services sector in May slipped to 53.2 from 53.3 in April, according to data released by S&P Global and Hamburg Commercial Bank.

Meanwhile, the composite output index, a weighted average of services PMI and manufacturing output, rose to 52.2, a 12-month high, from 51.7 in the previous month.

A reading below 50 signals contracting sector activity, while one above an expansion.

At 1105 GMT, London's FTSE 100 was up 0.28% at 8,255.10 points while in Frankfurt the DAX was 0.75% higher at 18,556.15 points and in Paris the CAC 40 rose 0.75% to 7,997.28 points. Milan's FTSE MIB index increased 1.03% to 34,629.00 points while in Madrid the IBEX 35 added 0.87% to 11,384.50 points.

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(RADIOCOR) 05-06-24 13:19:11 (0357) 5 NNNN