European shares inched higher on Tuesday following a subdued start to the week, supported by heavyweight miners, although investors remained cautious ahead of key economic data this week.
The pan-European STOXX 600 index was up 0.2% at 519.33 points, as of 0715 GMT.
Investors await key economic data from Germany and Spain this week, including European Union’s inflation print on Friday, for signals on the policy path for the European Central Bank.
Germany’s benchmark DAX was trading flat after detailed GDP data released earlier in the day showed the economy shrank by 0.1% in the second quarter of 2024.
Sweden’s benchmark index also held its ground at 2,566.69 points after data signalled producer price index was down 1.4% in July.
The basic resources sub-index was the top sectoral gainer in the region with an over 1% jump, as copper prices climbed to their highest levels in nearly six weeks due to optimism over a potential US interest rate cut.
Chip stocks slip, keeping European shares muted ahead of data-heavy week
Among individual stocks, Bunzl surged 11.6% after the British business supplies distributor raised its annual adjusted operating profit forecast. Shares of Daimler Truck Holding AG lost 2% after Goldman Sachs downgraded the rating on the stock to “neutral” from “buy”.
Flughafen Zuerich slumped 4.1% after the Swiss airport operator missed first-half margin estimates. Associated British Foods was down 2.6% after Deutsche Bank cuts its rating on the stock to “sell” from “buy”.
Source: Brecorder
