European Shares Inch Higher In Cautious Trade

(RTTNews) - European stocks edged up slightly on Friday as investors welcomed stimulus measures in China to support the country's property sector and pondered the outlook for rates.

European sovereign bond yields edged up after ECB Governing Council member Martins Kazaks indicated in a Bloomberg Adria interview that June seems the right moment to start lowering borrowing costs, but future moves will be largely determined by incoming data.

He emphasized that any reduction in rates should be "cautious" and "gradual," and that the process should not be rushed.

Separately, ECB executive board member Isabel Schnabel also warned against back-to-back interest-rate cuts in June and July.

"Based on current data, a rate cut in July does not seem warranted as there is a risk of easing prematurely," she told the Nikkei newspaper.

Elsewhere, U.S. Fed Governor Michelle Bowman said on Friday that she has seen no progress in inflation this year and remains willing to hike rates should progress stall or reverse.

The pan European STOXX 600 inched up 0.1 percent to 523.50 after closing down 0.1 percent on Friday.

The German DAX rose 0.3 percent, while France's CAC 40 and the U.K.'s FTSE 100 both added around 0.2 percent.

Miner Antofagasta rose half a percent in London and Glencore added 1.3 percent as copper prices surged to record highs in the wake of fresh Chinese stimulus measures to help boost the country's property market.

Oil & gas giant BP Plc climbed 0.8 percent and Shell added half a percent as oil prices rose amid uncertainty in major producing countries.

Shares of Keywords Studios jumped 62 percent after the company said that it is in talks with European private equity company EQT Group over a possible cash offer worth 2,550 pence a share.

British Land fell about 1 percent after selling its stake in the Meadowhall Shopping Centre in Sheffield, U.K. for 360 million pounds to Norges Bank Investment Management.

No-frills airline Ryanair Holdings shed 0.8 percent despite posting a 34 percent year-on-year rise in annual profit.