Saturday, 13 April 2024

European stocks steady, inflation data in focus

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Traders traded European stocks in a narrow range on Wednesday and remained cautious ahead of an important report on inflation that may affect expectations about the timing of the first interest rate cut by the European Central Bank.

According to Reuters, the European STOXX 600 index was stable at 0715 GMT.

After the inflation report in Germany, the region’s largest economy, which came in lower than expected on Tuesday, the focus will be on the euro zone inflation report for March due at 0900 GMT.

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

The technology sector rose 0.3 percent amid volatile trading. The powerful earthquake in Taiwan has raised concerns about potential disruptions to the biochip industry, which drove much of the global rally last quarter.

Among individual stocks, shares of solar panel manufacturer Meyer Berger fell 31.9% after it said it had successfully completed a capital increase through a rights issue for additional shares, resulting in total proceeds of 206.75 million Swiss francs ($227.7 million).

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