Europe open: Markets rangebound ahead of a quiet session
21st May 2024 07:45
(Sharecast News) - European stocks inched lower on Tuesday morning as markets continue to trade sideways after hitting record highs last week.
The pan-European Stoxx 600 index was down 0.2% at 522.72 by 1000 CEST, pulling back slightly after gains the previous session. The index has traded within a tight range of less than four points or so since 10 May, and hit a new all-time closing high of 524.71 last Wednesday.
Tuesday was set to be another quiet day in terms of economic data, with no notable indicators scheduled for release across the continent. Things will pick up later in the week, with inflation figures due out from the UK on Wednesday and PMI surveys from the UK, eurozone and US all due on Thursday.
"The key drivers for markets this week are Nvidia's results for last quarter, UK inflation data and a raft of central bank speakers, who could provide guidance about the timing of potential rate cuts for the major central banks," said Kathleen Brooks, research director at XTB.
Market movers
AstraZeneca edged higher in London after unveiling medium-term growth targets to nearly double group revenues by the end of the decade as it predicts significant growth from existing oncology, biopharmaceuticals and rare disease portfolios. The pharma giant said it expects to total revenues to hit $80bn by 2030, compared with $45.8bn in 2023.
B&Q, Castorama and Brico Dépôt owner Kingfisher fell after saying that first-quarter like-for-like sales were down on last year on the back of weakness in France, with the decline picking up pace early into the second quarter.
Italian insurance and asset management provider Assicurazioni Generali declined in Milan despite beating forecasts with its first-quarter results, as adjusted net profits fell a less-than-expected 9%.
Meanwhile, German carmakers BMW and VW were both in reverse on a report from the Senate Finance Committee that claimed the companies used a supplier that has links to forced labour in China.