Europe open: Shares edge higher ahead of rate calls, GDP data

24th Jun 2024 08:01

(Sharecast News) - European stocks opened slightly higher on Monday as investors eyed more interest rate decisions and regional GDP readings later in the week.

The pan-regional Stoxx 600 index was down 0.11% at 514.54 in early deals, although across the Continent shares were broadly higher with France's CAC 40 up 0.10% a week out from the first round of national elections, with polls putting the far right National Rally party and its allies in the lead.

Policymakers in Sweden and Turkey will unveil rate positions this week, while flash GDP readouts are due from France, Italy and Spain on Friday.

Investors will also have an eye on the US personal consumption expenditures report on Friday, which is the Federal Reserve's preferred measure of prices.

In equity news, Prudential shares gained 5% at one point as the insurance giant unveiled a $2bn share buyback after revising its free surplus requirement ratios.

Britvic shares fizzed as Carlsberg said PepsiCo had agreed to waive a change of control clause in its bottling arrangements with Britvic, potentially removing a hurdle from the Danish brewer's path to bid for the British company.

Hochtief topped the Stoxx as Jefferies upgraded the German construction firm to 'buy' from 'hold'.

Belgian pharmaceutical company argenx surged after its Vyvgart Hytrulo treatment for chronic inflammatory demyelinating polyneuropathy approved by the US FDA.

Reporting by Frank Prenesti for Sharecast.com