Updated February 29th, 2024 at 14:24 IST

European shares surge ahead of US inflation data

The figures are anticipated to provide insights into inflation trends, influencing expectations for monetary policy adjustments.

Reported by: Business Desk
European stocks | Image:Unsplash
Advertisement

European shares soar: European shares began the day on a positive note, driven by increases in materials stocks, as investors awaited crucial US inflation data to assess the global interest rate environment. 

The pan-European STOXX 600 edged up 0.2 per cent by 08:20 GMT, accompanied by Germany's DAX index setting another record high, with a 0.2 per cent gain.

Advertisement

Investor attention is focused on the forthcoming release of key economic indicators, including the US Federal Reserve's preferred measure of consumer prices, the Personal Consumption Expenditures (PCE) data for January, and the Consumer Price Index (CPI) reading from Germany. 

The figures are anticipated to provide insights into inflation trends, influencing expectations for monetary policy adjustments.

Advertisement

In corporate news, UK-based CRH projected core profit growth for 2024 after surpassing its 2023 profit target, leading to a notable 5.6 per cent surge in its shares on the STOXX 600. 

Conversely, Beiersdorf experienced a 3.8 per cent decline in its shares following its forecast of a slowdown in organic sales growth for 2024, despite achieving a major 10.8 per cent increase in organic sales over the past year. 

Advertisement

Aixtron, a German chipmaking tools manufacturer, witnessed a 17.2 per cent decline in its shares, despite projecting further revenue growth in 2024.

As markets await the US PCE and German CPI data later in the day, investors remain vigilant for insights that may shape future investment decisions and market sentiment.

Advertisement

(With Reuters Inputs)

Advertisement

Published February 29th, 2024 at 14:24 IST