European shares continue their climb on upbeat earnings

The New York Stock Exchange: Stocks hit fresh all-time highs as the latest economic data reinforced bets the Federal Reserve will cut rates in September. Photograph: Bloomberg

Insulation specialist Kingspan gained 0.6 per cent to close the week at €86.55, while home builder Glenveagh Properties added 1.6 per cent to its stock.London stocks ended the week on a positive note, as investors shrugged off slightly higher than expected US producer prices, maintaining hopes for a September rate cut by the Federal Reserve.

Utility stocks took a breather and fell the most on the FTSE 100, after gaining between 2.6 per cent and 10 per cent in the previous session. The utilities sector also lost 1.3 per cent.The pan-European STOXX 600 index closed up nearly 0.9 per cent, while the euro zone blue-chip gauge advanced 1.3 per cent, both indexes hitting their highest levels in over a month on an intraday basis.

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