European shares tick higher as easing Fed hike bets lift gold

Aug 17 (Reuters) – European shares inched up on Monday, led by basic resources stocks as gold ​prices advanced on a ‌weaker dollar and softer U.S. economic data, while easing expectations of a Federal Reserve rate hike supported sentiment.

The pan-European STOXX ‌600 ​was up 0.2% ⁠at 659.30 points, as ⁠of 0708 GMT.

Basic resources were up 1.4%, with Antofagasta, Hochschild Mining and Glencore up between 2.2% ​and 2.7%.

Technology stocks also added to gains, up 1.1%.

With a ⁠strong European earnings season ⁠largely in the rearview ​mirror and second-quarter profit expectations rising steadily, ​investors shifted their focus back ‌to macroeconomic and geopolitical developments in search of the next market catalyst.

Iran called on the U.S. to ⁠accept defeat on Saturday, while President Donald Trump blasted Tehran as “very evil” and told ⁠Americans ‌to prepare for continued ⁠high fuel prices as a ​result ‌of the war.

On the flip side, food and beverages was the worst-performing sector, falling 0.7%.…Read more by Thomson Reuters