European Shares Mixed As Traders Await Key Eurozone Data
2024-08-16
2002
(fxcue news) - European stocks traded mixed on Monday after three straight sessions of gains.
Sentiment was dented after a survey showed the confidence among companies in Germany showed a downward trend in August.
The ifo Business Climate Index fell to a six-month low of 86.6 in August from 87.0 in July as their current and future situations were weakened, according to survey data from the ifo Institute. The expected reading was 86.0.
The latest reading signaled that the German economy is increasingly falling into crisis.
Investors also looked ahead to the release of a slew of key German and Eurozone data due this week that will be crucial ahead of the ECB's interest-rate decision in September.
EU flash inflation data for August will be key for the European Central Bank as it considers its next interest-rate move.
Markets are fully priced for a quarter-point ECB rate cut next month, and a total 163 basis points of easing by the end of 2025.
The pan European STOXX 600 was marginally higher at 518.14 after reaching its best closing level in almost a month Friday.
The German DAX dipped 0.2 percent while France's CAC 40 was up 0.2 percent. The U.K. markets were closed for a national holiday.
In corporate news, P/F Bakkafrost slumped 4.5 percent after the Faroese salmon farming firm reported second-quarter revenue below estimates.
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