European Shares Hold Steady Ahead Of Key Central Bank Decisions

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(RTTNews) - European stocks traded higher for the sixth straight session on Wednesday as investors digested a slew of regional data and looked ahead to interest rate decisions from the U.S. Federal Reserve and the Bank of England.

Disappointing financial results from Microsoft, Alphabet and Advanced Micro Devices kept overall gains in check.

The pan-European STOXX 600 was up 0.2 percent at 486.44 after gaining 0.2 percent on Tuesday.

The German DAX and France's CAC 40 were little changed while the U.K.'s FTSE 100 was down about 0.1 percent.

Novo Nordisk shares gained 1.5 percent as the Danish pharma group forecast another year of double-digit sales and operating profit growth amid soaring demand for weight loss drug Wegovy and diabetes drug Ozempic.

Swedish retailer H&M plummeted nearly 9 percent after naming a new CEO and missing an operating profit forecast.

Spanish lender Banco Santander rose over 1 percent after an announcement that it expects profitability to improve this year.

British IT services provider FDM Group fell nearly 2 percent despite delivering a resilient performance in 2023.

Likewise, GSK fell over 1 percent despite delivering strong 2023 performance and upgrading its growth outlook.

Germany's Atoss Software jumped 4.5 percent after reporting a rise in FY23 profit and revenue.

In economic releases, official data showed German retail sales unexpectedly fell by 1.6 percent in December, supporting expectations of a recession in Q1 and fuelling bets on an ECB rate cut in April.

France's consumer price inflation rose by 3.1 percent from the same month last year after a 3.7 percent rise in December, according to provisional numbers released by national statistics agency Insee. This was lower than economists' expectations for a 3.4 percent increase.

U.K. house prices posted a monthly growth of 0.7 percent in January after staying flat in December, the Nationwide Building Society reported. This was faster than economists' forecast of 0.1 percent increase.

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

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Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

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U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

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German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

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