STOXX 600 hits two-week closing high as Fed rate cut bets strengthen
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US producer prices rise less than expected in July
German investor morale tumbles in August
Tecan Group posts downbeat 2024 sales forecast
Fortnox falls as CEO steps down
UK homebuilder Bellway scraps bid for Crest Nicholson
STOXX 600 up 0.5%
Updated at 1600 GMT
By Ankika Biswas and Pranav Kashyap
Aug 13 (Reuters) -Europe's benchmark stock index closed at a near two-week high on Tuesday, as growing hopes of an interest rate cut from the U.S. Federal Reserve in September offset a drag from weak earnings from the likes of Swiss medtech firm Tecan.
The continent-wide STOXX 600 index .STOXX closed 0.5% higher. While healthcare .SXDP and utilities .SX6P were the top sectoral gainers, basic resources .SXPP was the worst hit.
In continued evidence of moderating inflation, data showed U.S. producer prices rose less than expected in July, keeping the Fed on track to cut rates in September.
U.S consumer prices and retail sales data, due later in the week, will also be parsed for clues on the health of the world's largest economy after recession fears choked risk assets globally earlier this month.
"Most economies (that) were seemingly invincible are now slowing, which includes the world's largest, namely the U.S., China, and the euro zone. But recession risk is still low," wrote Alejandra Grindal, chief economist at Ned Davis Research.
Markets now expect a total of around 100 basis points of U.S. rate cuts by the year's end, according to LSEG's FedWatch Tool.
A Reuters poll showed the European Central Bank is expected to cut its deposit rate twice more this year, fewer reductions than previously expected.
Among other data, Spain's final European Union-harmonised 12-month inflation rate fell to 2.9% in July, from 3.6% in the period through June, while German investor morale darkened more than expected in August, posting its strongest decline in two years.
Spain's benchmark stock index .IBEX led regional gains with a 0.7% rise, as Germany .GDAXI, France .FCHI, London .FTSE and Italy's .FTMIB gained between 0.2% and 0.5%.
The so-called feargauge index .V2TX also hit a near two-week low.
At the bottom of the STOXX 600, Tecan Group TECN.S slumped 17.3%, logging its steepest one-day fall since 2002, following weaker than expected half-year figures and a lower full-year outlook.
Fortnox FNOX.ST dropped 14% after news that CEO Tommy Eklund would leave the Swedish accounting solutions firm.
On the flip side, Pandora PNDORA.CO rose 3.7% after the world's largest jewellery maker raised its full-year growth outlook.
HelloFresh HFGG.DE jumped 19% following better than expected second-quarter core earnings, as the German meal-kit maker enjoyed strong growth in its ready-to-eat (RTE) unit.
French engineering company GTT GTT.PA climbed 5% after Berenberg upgraded the stock to "buy".
Meanwhile, British homebuilder Bellway BWY.L rose 4% after unexpectedly dropping its 720 million pound ($921 million) bid to buy smaller peer Crest Nicholson CRST.L, sending Crest's shares down more than 20%.
Reporting by Pranav Kashyap and Ankika Biswas in Bengaluru; Editing by Sherry Jacob-Phillips, Varun H K and Susan Fenton
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