Friday, 23 February 2024


European shares fall ahead of US data; earnings in focus By Reuters

European shares fall ahead of US data; earnings in focus

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 2, 2024. REUTERS/Staff/File Photo

(Reuters) – European shares fell on Tuesday as investors turned cautious ahead of U.S. consumer price data that is crucial to determine the Federal Reserve’s interest rate trajectory, and also assessed corporate earnings updates from earlier in the day.

The pan-European index retreated 0.2% from a two-year high, as of 0806 GMT, with rate-sensitive technology shares hitting a one-week low after a 1.3% drop.

All eyes will be on the U.S. consumer price index for January, due at 1330 GMT, that will help shape investors’ expectations on when the central bank is likely to cut interest rates.

ZEW economic sentiment survey for Germany and the euro zone is due at 1000 GMT.

Among earnings candidates, shares of TUI climbed 6.7% to the top of STOXX 600 as Europe’s largest travel operator reported better-than-expected numbers in the first quarter after it swung to a profit on the back of robust demand.

Thyssenkrupp (ETR:) Nucera rose 5% after the German hydrogen company’s first-quarter sales rose by more than a third, citing rising demand for its electrolyser technology.

Randstad edged 0.2% higher after the Dutch recruiter’s fourth-quarter core earnings met market expectations as solid margin and cash generation offset a revenue drop.

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