Sunday, 14 April 2024


European stocks flat ahead of inflation data By Reuters

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 2, 2024.     REUTERS/Staff

(Reuters) – European shares traded in a tight range on Wednesday as investors stayed cautious ahead of a crucial inflation report that could sway expectations on the timing for the first interest rate cut by the European Central Bank.

The continent-wide was flat by 0715 GMT.

Following a cooler-than-expected inflation report on Tuesday out of the region’s largest economy, Germany, the focus will be on the Eurozone inflation March report, due at 0900 GMT.

Excluding volatile components, consumer prices are expected to rise 3% in March, easing from a 3.1% rise in the previous month.

The technology sector climbed 0.3% in choppy trading. A powerful earthquake in Taiwan raised concerns about possible disruptions to the vital chip-making industry, that had spearheaded much of the global rally in the last quarter.

Among individual stocks, Meyer Burger (SIX:) said it had successfully completed a capital increase through a rights issue, bringing in gross proceeds of 206.75 million Swiss francs ($227.7 million), sending shares of the solar panel maker down 31.9%.

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