Europe open: Shares lower as investors eye inflation data

by | Aug 7, 2023

(Sharecast News) – European stocks were slightly lower at the open on Monday as investors eyed inflation figures across the world this week and digested Friday’s US jobs report.

The pan-European Stoxx 600 was down 0.04% in early deals with all major bourses in the red. Inflation data is due from the US and China this week.

“US stock market futures are a touch higher this morning, as investors prepare for another week of corporate earnings and a fresh round of inflation data,” said Matt Britzman, equity analyst at Hargreaves Lansdown.

“Last Friday’s jobs read showed lower jobs growth than economists had predicted, given a small indication that tightening measures are starting to yield some results.”

“Softening inflation reads this week could help push the Fed in favour of more patience, which would likely be met by a positive reaction from stock markets.”

In equity news, Siemens Energy gained, despite saying problems at its wind turbine unit would cost it €2.2bn.

Deutsche Boerse fell after UBS downgraded the German bourse operator to ‘neutral’ from ‘buy’.

Scout24 surged as Jefferies maintained a ‘buy’ rating on the German online marketplace operator.

Reporting by Frank Prenesti for Sharecast.com

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