European Shares Flat as Investors Await Key Inflation Figure - Tech Stocks Boost Index, Energy Stocks Dragged Down
In the world of European shares, things are looking flat on Tuesday following a 1% dip in the previous session. Investors are eagerly awaiting a crucial inflation figure for the region slated for later today.
The pan-European index is holding steady at 522.97 as of 0710 GMT, after experiencing its worst day in over a week on Monday. Tech stocks are providing a much-needed boost to the index, with a 0.5% gain. On the flip side, energy stocks are weighing heavily on the index, primarily due to a nearly 5% decline in Neste Oyj.
Keep an eye out for Eurozone's flash PMI figures for September at 0900 GMT, as well as manufacturing PMIs for various countries within the bloc such as Germany, France, Italy, and Britain, set to be released in the early hours of trading. Additionally, market participants are eagerly anticipating speeches from European Central Bank's Vice President Luis de Guindos and ECB's policymaker Olli Rehn.
In terms of individual stock movements, Covestro saw a 4% jump after Abu Dhabi National Oil Company (ADNOC) announced its agreement to acquire the German chemicals producer for a whopping 14.7 billion euros ($16.4 billion). Anheuser-Busch InBev also experienced a 2.6% increase after Citigroup upgraded the rating on the Budweiser brewer to "buy" from "neutral".
In conclusion, this article highlights the current state of European shares, key upcoming events to watch out for, and notable stock movements. Stay informed and keep a close watch on these developments as they can have a significant impact on your financial decisions and overall portfolio.
