Published 15:41 IST, March 18th 2024
European equities rise on strength in commodity-linked stocks ahead of inflation data
Investors remained cautious ahead of euro zone final inflation data for February and total trade balance data for January.
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European shares rise: European shares saw modest gains on Monday, buoyed by a rise in commodity-linked stocks, although investor caution prevailed ahead of euro zone inflation data.
The pan-European STOXX 600 index edged up 0.1 per cent by 0852 GMT, with oil and gas stocks leading the sectoral gains with a 0.7 per cent increase, reflecting the uptick in crude prices amid tightening supply.
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Basic resources also followed suit with a 0.3 per cent rise after positive industrial output and retail sales figures from China, a key metals consumer.
Investors remained cautious ahead of euro zone final inflation data for February and total trade balance data for January, while keeping an eye on upcoming monetary policy meetings by the US Federal Reserve, Bank of Japan, and Bank of England for further insights into monetary policy trajectories.
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Amidst this, European Central Bank policymaker Pablo Hernandez de Cos reiterated the possibility of interest rate cuts in June following a decline in euro zone inflation, with money markets pricing in potential ECB rate cuts by year-end.
In corporate news, Signify NV saw a 4.1 per cent rise after a stock rating and price target hike by Barclays, while Alstom climbed 8.5 per cent following an upgrade by Deutsche Bank.
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Polish fashion group LPP also surged 8.8 per cent, recovering from losses incurred last week after a report questioned its 2022 sale of Russian assets.
However, Logitech faced a setback, dropping 7.2 per cent after announcing the departure of its Chief Financial Officer in May.
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(With Reuters inputs.)
15:41 IST, March 18th 2024