European Shares Hold Steady Ahead Of US Inflation Report

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(RTTNews) - European stocks struggled for direction in cautious trade on Tuesday as investors braced for the release of U.S. consumer inflation data later in the day and a slew of central bank decisions due this week.

The U.S. central bank is widely expected to raise interest rate by 50 basis points (bps) on Wednesday, down from the 75 bps hikes in its last four meetings.

The pan European STOXX 600 was little changed after declining half a percent in the previous session. The German DAX, France's CAC 40 index and the U.K.'s FTSE 100 all were marginally higher.

Tech stocks surged, with Infineon and ASML Holding rising over 1 percent each.

Novo Nordisk was moving lower after a report that the drug maker is delaying introduction of its Wegovy obesity treatment in Europe until next year.

Air Liquide S.A., a French provider of industrial gases and services, edged down slightly after it signed a long-term contract to supply additional hydrogen and carbon monoxide to Kumho Mitsui Chemical.

Shield Therapeutics jumped 7.4 percent in London after it entered into an exclusive, multi-year agreement with Viatris Inc. (VTRS) to co-commercialize Accrufer in the U.S.

In economic releases, Germany's consumer price growth slowed in November amid a modest easing in energy prices, but the inflation rate remained high denying any respite to the European Central Bank policymakers who are set to deliver yet another interest rate hike later this week.

Consumer price inflation in the biggest euro area economy eased to 10.0 percent from 10.4 percent in October, latest figures from Destatis showed.

The consumer price index dropped 0.5 percent from October, when it rose 0.9 percent. The harmonized index of consumer prices, which is meant for comparison of inflation rates among EU members, rose 11.3 percent year-on-year following an 11.6 percent increase in October.

Elsewhere, the U.K. jobless rate edged up in the three months ended October as firms held back recruitment amid recession fears, official data showed earlier today.

The ILO jobless rate edged up to 3.7 percent in three months to October in line with expectations and up from 3.6 percent in three months to September. The employment rate increased 0.2 percentage points on the quarter to 75.6 percent.

U.S. Service Sector Growth Unexpectedly Slows In July

A report released by the Institute for Supply Management on Tuesday unexpectedly showed a modest slowdown in the pace of growth by U.S. service sector activity in the month of July. The ISM said its services PMI edged down to 50.1 in July from 50.8 in June. While a reading above 50 still indicates growth, economists had expected the index to rise to 51.5.

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U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday. The Commerce Department said the trade deficit shrank to $60.2 billion in June from a revised $71.7 billion in May.

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U.S. Trade Deficit Narrows Slightly More Than Expected In June

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday.

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Eurozone Private Sector Continues To Expand

Euro area private sector remained in the expansionary territory in July but the rate of growth remained sluggish as stagnant demand pulled back production, final survey results of the purchasing managers' survey by S&P Global showed on Tuesday. The HCOB composite output index rose to 50.9 in July from 50.6 in June. The flash reading was 51.0. A score above 50.0 indicates expansion.

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