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European shares attempt recovery after ECB disappointment

European shares attempt recovery after ECB disappointment
FILE PHOTO: A traders reacts at the stock exchange in Frankfurt, Germany, June 24, 2016, after Britain voted to leave the European Union in the EU BREXIT referendum. REUTERS/Ralph Orlowski -
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Ralph Orlowski(Reuters)
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(Reuters) – European shares rose slightly on Friday, a day after they dropped on a less-dovish-than-expected European Central Bank statement, buoyed by a rally in mobile operator Vodafone and media firm Vivendi.

ECB President Mario Draghi on Thursday all but pledged to ease policy further and even hinted at a reinterpretation of the ECB’s inflation target, but this disappointed some investors who had hoped for an immediate easing of interest rates.

The pan-European stock benchmark index <.STOXX> rose 0.1% by 0711 GMT.

The ECB disappointment stems from strongly dovish notes major central banks had struck last month that spurred a rally in stocks as investors hoped for policy easing as soon as the next meeting. Focus now shifts to the U.S. Federal Reserve, which is expected to cut rates by at least a quarter basis point next week.

Shares of Vivendi <VIV.PA> rose 4% after stellar first-half results at its Universal Music Group raised the stakes for the sale of the French media giant’s most-prized asset.

Vodafone <VOD.L> jumped 7.3% on plans to move its mobile mast operations in 10 European markets into a new company that it potentially could list.

The materials sector fell the most, with Anglo American <AAL.L> dropping more than 4% after the mining company’s biggest shareholder billionaire Anil Agarwal said he was divesting the nearly 20% stake he had been holding since 2017.

(Reporting by Susan Mathew in Bengaluru; editing by Gopakumar Warrier)

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