June 18, 2024

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European Shares Inch Higher In Cautious Trade Ahead Of Key Data

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European stocks were seeing modest gains in cautious trade on Tuesday ahead of German ZEW economic sentiment figures, preliminary third-quarter gross domestic product data from the euro zone and the all-important U.S. CPI report that could influence the Fed’s rate trajectory.

The pan European STOXX 600 was up 0.3 percent at 447.85 after rising 0.8 percent on Monday.

The German DAX rose 0.4 percent, France’s CAC 40 added 0.2 percent and the U.K.’s FTSE 100 was marginally higher.

Eurozone bond yields struggled for direction following hawkish comments from ECB policymakers pushing against expectations for rate cuts.

ECB president Christine Lagarde said in an interview during the weekend that no change in interest rates should be expected in the “next couple of quarters”.

In corporate news, commodity giant Glencore rallied 3.2 percent in London after it agreed to buy a majority stake in Teck Resources Ltd.’s coal business for $6.93 billion in cash.

Hill & Smith, an engineering & construction company, climbed 2.2 percent after reporting higher revenues for the four-month period ending October 31.

Events organizer Informa soared 6 percent after lifting its full-year guidance.

Vodafone Group shares fell 1.7 percent. The telecommunications company reported a much lower pre-tax profit for the first half of fiscal 2024, reflecting adverse foreign-exchange rate movements and business disposals in the prior year.

Germany’s Delivery Hero jumped 3.7 percent after the online takeaway food company raised its full-year outlook.

RWE rallied 2.1 percent as the utility posted an 82 percent increase in core profit for the first nine months.

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2023-11-14 04:31:44

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