European Shares Inch Higher Ahead Of US Inflation Data

(RTTNews) - European stocks held steady on Tuesday after logging their steepest single day decline this year the previous day on fears of contagion from the collapse of U.S. lenders Silicon Valley Bank and Signature Bank.

Amid growing expectations for a pause in U.S. rate hikes, investors awaited the U.S. consumer price inflation report later in the day for further clarity on the rate outlook.

The pan European STOXX 600 was up 0.2 percent at 443.52 after losing 2.4 percent on Monday.

The German DAX rose 0.4 percent and France's CAC 40 edged up 0.2 percent while the U.K.'s FTSE 100 was down half a percent, dragged down by mining and energy stocks. Italy's top insurer Generali advanced 1.5 percent after reporting record operating profit in 2022.

Swiss lender Credit Suisse plunged 4.3 percent after flagging "material weaknesses" in financial reporting. Casino Guichard Perrachon SA rose about 1 percent in Paris. The mass-market retail group said that it is selling part of its stake in Assaí for 174 million shares to boost its deleveraging.

Volkswagen shares tumbled 3.5 percent. The German auto giant unveiled plans to invest 180 billion euros between 2023 - 2027 in its most attractive profit pools and regions.

TeamViewer rallied 2.6 percent. The remote access computer software provider said it expects double-digit percentage growth in revenue, stable margin and renewed share buyback in fiscal 2023.

Miners Anglo American, Antofagasta and Glencore fell 1-2 percent as London copper prices declined around 1 percent on news that Chinese regulators might take steps to curb inflated iron ore prices.

Oil & gas firms BP Plc and Shell both fell around 1.7 percent as oil maintained its downward trajectory on fears of a fresh financial crisis in the United States.

HSBC declined 1.7 percent to extend losses for a fourth day running. On Monday, the lender bought the U.K. arm of failed U.S. lender Silicon Valley Bank for a nominal 1 pound ($1.2) in a rescue deal.

Financial services business Close Brothers slumped 4 percent after reporting a 90 percent fall in adjusted operating profit to £12.6mln during the first six months ending January 2023.