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European stock markets opened the week on a subdued note, with many major markets closed for the holiday. Investors exercised caution ahead of crucial inflation data releases from both the U.S. and Europe, scheduled for later this week.
The pan-European STOXX 600 index dipped slightly by 0.02% as of early trading hours. The lack of participation from the U.S. and UK markets contributed to the muted activity across the board.
All eyes are on the upcoming eurozone May consumer prices data, due ahead of the European Central Bank’s (ECB) policy meeting next week. The prevailing expectation is that the ECB will begin easing interest rates in the forthcoming meeting, with a 90% probability attached to a June rate cut. A softer inflation reading could solidify this decision.
Meanwhile, U.S. inflation data, also slated for release on Friday, will be closely scrutinized by traders to gauge the timing and magnitude of potential rate cuts by the Federal Reserve this year.
On the corporate front, shares of salmon producer P/F Bakkafrost experienced the most significant decline on the STOXX 600 index, dropping 4.5% after the discovery of ISA virus in two pens at its A-19 Vágur farming site.
