Europe open: Shares edge ahead after record day; Mondi/Smith deal in focus

8th Mar 2024 08:05

(Sharecast News) - European markets edged ahead at the opening as investors turned their attention to weekly US jobs data.

The pan-European Stoxx 600 was up 0.06% to 503.47 after hitting record highs on Thursday as the European Central Bank revised down its forecast for inflation this year to 2.3% from 2.7% and held interest rates at 4%.

In economic news, German industrial output rose 1% in January, beating expectations of the 0.5% expected, while construction and manufacturing output also rose 2.7% and 1.1%, respectively.

In equity news, shares in paper and packaging maker DS Smith gained after it agreed to be taken over by larger rival Mondi in a £5.1bn deal. Mondi shares fell on the news.

Reporting by Frank Prenesti for Sharecast.com