Europe open: Shares up as investors mull Nvidia results, await German CPI

29th Aug 2024 07:56

(Sharecast News) - European shares opened higher on Thursday as investors awaited flash inflation numbers from Germany and regular eurozone sentiment data and also mulled the impact of earnings overnight from chip giant Nvidia.

The pan-regional Stoxx 600 was up 0.2% to 521.66 in early deals.

Nvidia posted better-than-expected quarterly results and upgraded guidance but unsatisfied traders sold the stock as they had been hoping for a stronger performance.

"Investors tend to overstate the importance of one set of quarterly results in the grand scheme of a structural shift like we're seeing with AI. Like many before, this cycle won't be a straight line, but there have been plenty of positives from big tech earnings to suggest the AI train is just getting started," said Hargreaves Lansdown analysts Matt Britzman.

In equity news, shares in British Gas owner Centrica rose as consumers faced the prospect of a 10% jump in energy bills this winter.

IG Group shares were down as Jefferies said late on Wednesday that Tastytrade founders Tom Sosnoff and Scott Sheridan had sold 6.5m shares in a placing to a limited number of institutional investors. Tastytrade was acquired by IG in 2021 for $1bn.

Reporting by Frank Prenesti for Sharecast.com