Europe open: Shares rise ahead of US data; H&M plunges on weak sales

27th Jun 2024 08:12

(Sharecast News) - European shares opened slightly higher on Thursday as investors awaited a key US inflation report while shares in Swedish fashion chain H&M slumped on weaker-than-expected earnings.

The pan-regional Stoxx 600 index was up 0.02% in early deals. France's CAC 40 was up 0.13% as voters prepared to go to the polls for the first round of voting in the country's national election where far-right parties were expected to put up a strong challenge.

Eyes are focused on the US personal consumption expenditures price index - the Federal Reserve's preferred inflation gauge - on Friday, with traders hoping easing price pressures will allow room for a rate cut this summer.

In equity news, H&M plunged by 14% after unstable weather in large markets at start of June had a negative impact on sales.

Watches of Switzerland surged after holding annual guidance despite weaker profits driven by lower UK sales of luxury timepieces.

Reporting by Frank Prenesti for Sharecast.com