European shares rise ahead of key economic data
European shares began the week on a positive note, with the STOXX 600 index up 0.4 per cent by early Monday trading as investors geared up for a flood of key economic data from the US and Europe.
The investors are bracing for US inflation data to gauge the Federal Reserve’s monetary policy path and a deluge of other key data from Europe, including employment data from the UK and inflation numbers from Spain later in the week. Euro zone’s flash employment, GDP, and inflation production numbers will be released on Wednesday.
The US Federal Reserve is poised to meet on September 18-19.
Oil and gas stocks in the region gained nearly 1 per cent, supported by a fifth consecutive rise in oil prices amid easing US recession fears and geopolitical tensions in the Middle East.
Financials also performed well, with Hannover Re shares surging 6.2 per cent after the German reinsurer reported strong first-half results.
BT Group shares soared 6.6 per cent after Bharti Enterprises agreed to acquire a 24.5 per cent stake from the British firm’s top shareholder, Altice UK.
Investors are closely watching the US consumer price data and other critical economic indicators from the UK and Spain, which are expected later in the week.
Attribution: Reuters
