European equities kick-start week lower; economic data on tap
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, march 8, 2024. REUTERS/Staff/file photo
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(Reuters) – European shares started the week on a lacklustre note, tracking a sell-off in Asian equities, while cautious traders kept to the sidelines ahead of a key U.S. inflation data due this week.
The pan-European STOXX 600 was down 0.4% by 0817 GMT on Monday, and on track for its biggest one-day percentage drop in a month, if losses hold.
Investors awaited Tuesday’s U.S. February inflation data, along with euro zone January industrial production print, due later in the week.
Asian share markets sputtered while the dollar looked vulnerable ahead of the economic data that could hasten, or delay, the start of global rate cuts.
In corporate updates, BE Semiconductor Industries (AS:BESI) fell 11.7% after Morgan Stanley cut its target price for the Dutch group’s stock. The broader technology index dropped 2.1%, leading sectoral declines.
Shares of LEG Immobilien rose nearly 3% to the top of STOXX 600 after the German real estate firm reported a full-year results beat and said it would propose a higher-than-expected dividend.
Meanwhile, Portugal’s PSI index moved 0.3% lower after the centre-right Democratic Alliance won Portugal’s general election, although it was unclear if they could govern without the support from far-right Chega.
