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European shares steady ahead of PMI data
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(Reuters) – European stocks edged higher on Tuesday, boosted by a fresh run of gains for technology stocks, while investors awaited economic data that is expected to show a slight improvement in
(Reuters) – European stocks edged higher on Tuesday, boosted by a fresh run of gains for technology stocks, while investors awaited economic data that is expected to show a slight improvement in euro zone business activity.
The pan-European STOXX 600 index rose 0.1% after a strong finish on Wall Street, lifted by tech stocks that were battered last year in the wake of surging interest rates.
S&P Global’s flash reading, due at 0900 GMT, is expected to show the euro zone flash composite PMI edged up to 49.8 in January, a small improvement from 49.3 in December, as energy prices dropped and inflation moderated.
Among stocks, Rheinmetall added 1.2% after the German defence group’s chief executive forecast sales would grow to 11-12 billion euros ($12-$13 billion) in 2025, according to German magazine Stern.
Swatch Group edged up 0.8% after the Swiss watchmaker said it was positive about a recovery in the China market and also reported a 2.5% increase in 2022 sales.
Shares of Norwegian salmon farmers SalMar and Mowi jumped 4.7% and 9.1%, respectively, to top the STOXX 600.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D’Souza)
The STOXX 600 is a stock index that represents 600 of the largest companies across 17 European countries, providing a comprehensive view of the European equity market.
Technology stocks are shares in companies that produce technology products or services. They are often seen as growth stocks due to their potential for rapid growth.
Inflation refers to the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured annually.
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