European shares set for monthly gains, helped by Fed rate cut bets

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Nov 28 (Reuters) - European shares inched higher on Friday, poised for their fifth consecutive month of gains, as rising bets of a U.S. interest rate cut lifted the index.

The pan-European STOXX 600 was up 0.1% at 575.28 points by 0802 GMT, on track for its best weekly showing since early October. It is also set for the longest monthly winning streak since March 2024.

Major regional bourses in London and France added 0.1% each.

Energy stocks were the biggest gainers on the benchmark, up 0.3%, tracking higher oil prices. The rise was offset by declines in heavyweight banks, down 0.1%.

Investors refrained from making major bets heading into the weekend, with a holiday-shortened U.S. market session on Friday.

As November draws to a close, concerns about an AI-driven market bubble have eased, with investors focusing on the growing likelihood of a Federal Reserve rate cut next month instead, after dovish comments from policymakers and weak economic data.

Delivery Hero shares jumped 5.6% after a report said investors are pushing management to consider a sale of the company or divest parts of the business. (Reporting by Anastasiia Kozlova; Editing by Sonia Cheema)