European Shares on the Rise as Investors Keep an Eye on Economic Data
European Shares Catch the Wall Street Tailwind
European shares saw a climb on Monday, benefiting from a bounce on Wall Street which resulted in pushing the Nasdaq Composite to close above 5,000 for the first time. Investors were closely tracking earnings and economic data to gauge the European Central Bank’s rate outlook.
Sectors Trading in the Green, Except Energy Shares
The pan-European edged 0.3% higher by 0810 GMT, with all the sectors trading in the green except energy shares that tracked oil prices lower.
Italian Stocks Outperform Regional Peers
Italian stocks were the standouts among regional peers, with a 0.6% jump in early trade.
News-Packed Week for Economic Data
The week ahead is packed with economic data including euro zone’s fourth-quarter GDP growth, consumer price inflation from Spain and other regions and ZEW survey to gauge industry expectations on the state of the region’s economy.
Investors Keeping a Close Eye on U.S. January CPI Print
Across the Atlantic, investors are closely watching the U.S. January CPI print on Tuesday for clues on the timing of a potential rate cut by the Federal Reserve.
Stock Movements
- Shares of Tod’s soared 17.4% after private equity firm L Catterton announced a tender offer to buy 36% of the luxury shoemaker at 43 euros per share.
- Novo Nordisk (NYSE:) rose 1.2% on report that its controlling shareholder Novo Holdings plans to invest up to $7 billion annually by 2030.
