Noor Trends News, Technical Analysis, Educational Tools and Recommendations
European shares inched higher on Tuesday as investors awaited crucial U.S. economic data expected later in the day, which could offer more insight into the Federal Reserve’s next interest rate move. However, a series of disappointing corporate earnings reports kept gains in check.
By 0712 GMT, the STOXX 600 index had risen 0.3% to 500.74 points, following a flat close in the previous session. Investors were hesitant to make significant moves ahead of the release of U.S. producer prices.
In the UK, official figures showed that British pay growth had slowed to its lowest level in nearly two years during the second quarter. This development could ease inflation concerns for the Bank of England. Meanwhile, the unemployment rate in the UK unexpectedly declined, and London’s FTSE 100 mirrored the broader European market by rising 0.3%.
Among individual stock movements, Tecan Group saw a sharp drop of 15.6% after the Swiss life science equipment maker forecasted a mid-single-digit percentage decrease in its 2024 sales. Similarly, shares of Fortnox fell 10% following the resignation of Tommy Eklund as CEO of the Swedish software company.
On the positive side, French engineering firm GTT gained 4% after Berenberg upgraded its rating on the stock from “hold” to “buy,” citing a higher-than-expected order backlog and a strong demand outlook.
