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European shares edge higher at open, defensive healthcare stocks up

2023-06-16 15:48
European shares opened higher on Friday as gains were led by defensive healthcare stocks at the end of
European shares edge higher at open, defensive healthcare stocks up

European shares opened higher on Friday as gains were led by defensive healthcare stocks at the end of a week dominated by major central bank policy decisions.

The continent-wide European STOXX 600 index rose 0.2% at 0717 GMT, with the healthcare index up 0.5%.

The STOXX 600 had ended Thursday lower after the European Central Bank (ECB) raised borrowing costs and signalled more policy tightening in its fight against sticky inflation, a day after the U.S. Federal Reserve's hawkish pause.

In contrast, the Bank of Japan maintained ultra-easy monetary policy on Friday despite stronger-than-expected inflation, signalling it will remain a dovish outlier among global central banks.

Rate-sensitive technology shares dipped 0.1%.

Shares of Britain's biggest supplier of building materials Travis Perkins slid 7.4% to the bottom of the STOXX 600 after it warned profit would be hit by difficulties in the country's housing market.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sohini Goswami)