European Shares Climb With Focus On Inflation Data

(RTTNews) - European stocks advanced on Monday as investors looked ahead to inflation data from the U.S and Eurozone for further clarity on the outlook for rates.

ECB Vice President Luis de Guindos said the labor market is beginning to weaken and the central bank will be in a better position to reassess the inflation outlook in December.

A China-U.S. summit meeting to be held on the sidelines of the APEC meetings also remains on investors' radar. Media reports suggest that Beijing is considering ending a freeze on Boeing Co.'s aircraft.

Meanwhile, markets ignored Moody's decision to lower its outlook on the U.S. credit rating to "negative" from "stable".

The pan European STOXX 600 was up 0.8 percent at 446.96 after losing 1 percent on Friday.

The German DAX rose 0.6 percent, while France's CAC 40 and the U.K.'s FTSE 100 both added around 0.8 percent.

Danish pharmaceutical company Nordisk rallied 2.5 percent after a trial showed its weight-loss drug Wegovy cut the risk of death by 18 percent.

Technip Energies NV fell over 2 percent in Paris after Barclays downgraded its rating on the stock.

Phoenix Group shares surged 7.4 percent in London after the insurer lifted its full-year cash generation targets.

Vodafone rose about 1 percent after it partnered with Accenture to commercialize shared operations.

Tullow Oil soared 7 percent. The company has entered into a $400 million five-year notes facility agreement with Glencore Energy U.K. Limited.

Drug maker GSK rallied 1.2 percent after receiving positive CHMP opinion for its oral therapy to treat anaemia in patients with a type of bone marrow cancer called myelofibrosis.

Real estate group British Land Company jumped 5.2 percent after posting solid first-half results.

German IT company Q.Beyond AG fell about 1 percent after widening its loss for the first nine months of the year.

Steel giant Salzgitter jumped 3.4 percent and industrial services provider Bilfinger added 2.6 percent after affirming their FY23 guidance.