Europe open: Shares lower in muted trade; Rightmove surges on potential bid

2nd Sep 2024 07:39

(Sharecast News) - European shares opened lower on Monday as investors continued to digest US inflation figures released at the end of last week, while trade was expected to be subdued with US markets closed for the Labor Day holiday.

The pan-regional Stoxx 600 index was down 0.32% to 523 after hitting fresh records last week.

The personal consumption expenditures price index - which is the US Federal Reserve's preferred inflation metric - rose 0.2% month on month in July and 2.5% from a year ago. The print was in line with forecasts.

In other economic news, manufacturing activity in China returned to growth in August, according to a private survey released on Monday.

The Caixin purchasing managers' index for the sector rose to 50.4 from 48.8 in July, coming in ahead of consensus expectations of 50.0.

In equity news, shares in online real estate agent Rightmove surged by a quarter as Australian real estate advertising company REA Group has confirmed speculation that it is considering a possible cash and share offer for the platform.

REA, majority owned by Rupert Murdoch's News Corp, said in a statement on Monday that it sees "clear similarities" between the two groups, but has not yet approached, nor had any discussions with, Rightmove regarding any potential offer.

Reporting by Frank Prenesti for Sharecast.com