The US European shares rose on focus on Sanbank’s policy decision

European stocks advanced on Friday and were poised for weekly gains supported by miners, while investors turned their attention to the US Federal Reserve ahead of a long-awaited monetary easing cycle at its meeting next week.

The pan-European STOXX 600 index was up 0.5% at 514.5 points as of 0710 GMT, with France’s CAC 40 up 0.3% after consumer prices in the region’s second-largest economy rose 2.2% year-on-year in August.

Miners boosted the market, rising 0.6%, as copper prices hit a two-week high on buying ahead of a Chinese holiday and amid hopes of a stimulus after President Xi Jinping pushed for measures to boost economic growth.

After the European Central Bank (ECB) cut its deposit rate to 3.5% on Thursday, investors are now betting on the size and extent of a rate cut by the US central bank next week, with money markets seeing a 43% chance for 50. 18 bps decrease on September.

“I think there’s a strong case for 50,” said Bill Dudley, former chief of the New York Fed.

AstraZeneca was the top loser, down 1.1%, while Deutsche Bank downgraded the stock to “sell” and cut its price target on Friday.

Shares in Denmark’s DSV rose 2.4% after the transportation and logistics services operator announced plans to invest nearly one billion euros ($1.1 billion) in Germany over the next three to five years as the new owner of Deutsche Bahn’s logistics unit Schenker.

(Reporting by Shubham Batra in Bengaluru; Editing by Sherry Jacob-Phillips)