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European Stocks Rise as Bond Rally Lifts Utilities, Real Estate

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European stocks rose, led by bond-proxy sectors such as utilities, as weak economic data prompted bets the region’s central bank will pause its rate-hike campaign.

The Stoxx Europe 600 closed 0.4% higher, paring an intraday gain of as much as 0.8%. Utilities and real estate were the best performers as bond yields fell across the region, while retail stocks lagged after US footwear chain Foot Locker Inc. cut its full-year forecast.

Purchasing managers index readings from Europe’s two top economies on Wednesday highlighted the risk that output in the 20-nation bloc will shrink this quarter, leading investors to bet that the European Central Bank will pause its campaign of interest-rate hikes next month. Meanwhile, attention among traders is also turning to Federal Reserve Chairman Jerome Powell’s Jackson Hole speech on Friday.

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