Europe open: Shares down ahead of EZ, US inflation data; JD Sports slumps

31st May 2024 08:27

(Sharecast News) - European shares were in the red at the open on Friday as investors nervously awaited inflation data from the eurozone and US.

The regional Stoxx 600 index was down 0.08% in early deals to 516.1. Major regional bourses followed suit, with the exception of Britain's FTSE 100, which gained 0.15% to 8,243.28.

Eurozone inflation data due later in the day will be closely watched by investors for indications on the future path for monetary policy, while in the US, personal consumption price data - the Federal Reserve's preferred measure - will be released in the afternoon.

In equity news, Telecom Italia shares fell 4% as US investment firm KKR won unconditional EU antitrust approval on Thursday for its up to €22bn acquisition of TIM's fixed-line network.

Shares in JD Sports Fashion slumped as the company held guidance amid "volatile" trading conditions as annual profits fell but revealed that first-quarter like-for-like sales were down 0.7%, reflecting the woes of its major supplier Nike.

Reporting by Frank Prenesti for Sharecast.com