European shares were little changed on Thursday as investors braced for the first round of French parliamentary elections due over the weekend.
Higher bond yields also weighed on markets as traders awaited the release of key U.S. inflation (PCE) reading on Friday for additional clues on the Fed’s rate trajectory.
The pan European STOXX 600 was marginally lower at 514.43 after losing 0.6 percent on Wednesday.
The German DAX was little changed, France’ CAC 40 dipped 0.3 percent and the U.K.’s FTSE 100 was down 0.1 percent.
In corporate news, Swedish clothing major Hennes & Mauritz AB plunged 13 percent after posting a smaller-than-expected increase in second quarter profits.
German wind turbine manufacturer Nordex SE fell about 1 percent after an announcement that it will restart production in its manufacturing facility in Iowa, United States.
Watches of Switzerland Group, a British retailer of Swiss watches and other luxury goods, soared 11 percent.
The company said it is seeing signs of stability in the U.K. premium and luxury watch market following a post-COVID slump in sales.
GSK tumbled 4.5 percent after a U.S. public health agency narrowed its usage recommendation for all respiratory syncytial virus (RSV) vaccines.
Miners Anglo American, Antofagasta and Glencore dropped 1-2 percent after new data showed growth in China’s industrial profits slowed sharply in May.
Market Analysis
European Shares Struggle For Direction Ahead Of French Snap Elections
2024-06-27 08:56:55
