Mixed Data Keep European Shares On Edge

(RTTNews) - European stocks struggled for direction on Tuesday as a slew of data painted a mixed picture of regional economies.

Survey results from market research group GfK showed consumer confidence in Germany is set to improve slightly in March.

The forward-looking consumer sentiment index rose to -29.0 in March from -29.6 in February - matching economists' expectations.

Monthly survey results from the statistical office INSEE showed France's consumer confidence unexpectedly weakened in February.

The consumer sentiment index fell to 89 from 91 in the previous month. The score was forecast to improve to 92.

Elsewhere, data from the British Retail Consortium showed U.K. shop price inflation weakened to a near two-year low in February.

The shop price index posted an annual increase of 2.5 percent on a yearly basis in February, slower than the 2.9 percent rise in January. This was the lowest since March 2022.

The pan European STOXX 600 was marginally lower at 495.39 as U.S. and Eurozone inflation data loomed.

The German DAX rose 0.4 percent, while France's CAC 40 and the U.K.'s FTSE 100 were marginally higher.

Shares of SEB plunged 5 percent after Peugeot Invest successfully sold a stake in the household equipment manufacturer.

A softer dollar lifted mining stocks, with Anglo American climbing 2.7 percent.

Asset manager Abrdn soared almost 5 percent after narrowing its full-year losses and announcing plans to cut around 500 jobs as part of a cost reduction program.

Medical device giant Smith & Nephew rallied 2.5 percent after posting improved financial results for Q4 and full year 2023.

French retailer Casino jumped 53 percent after a French court gave the green light for its restructuring plan.

Capgemini shares edged up slightly. The technology company has inked a over 100 million euros deal with TenneT, a European transmission system operator, to design, build, and implement a cloud platform to boost the functioning of TenneT.

Construction-to-telecoms conglomerate Bouygues rallied more than 6 percent after posting annual core profit above its guidance.

Germany's Schaeffler AG gained 1.3 percent after announcing plans to build a new facility for e-mobility solutions in the U.S.

PUMA traded slightly higher, giving up early gains. The sportswear firm expects a soft first half of 2024, but nevertheless stuck to the annual targets it gave in January.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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