European Markets Trend Mostly Up

(RTTNews) - European shares are mostly higher in the mid day trading on Monday amid growing Fed rate cut expectations. Investors remain cautious ahead of the release of PMI and inflation readings from Germany as well as crucial jobs data from the U.S.

In economic news, data released earlier in the day showed exports from Germany unexpectedly fell by 0.2 percent, while economists were looking for a 1.1 percent gain. Imports also declined 1.2 percent, compared with market expectations of a 0.8 percent surge.

U.K.'s FTSE 100 fell 27.70 points or 0.37 percent at 7,501.65. The pan European Stoxx 600 fell 0.26 points or 0.06 percent at 465.94.

However, Germany's DAX was at 16,410.38, up 12.86 or 0.08 percent. France's CAC 40 was up 18.79 points or 0.26 percent at 7,329.56.

Asian stock markets closed mostly lower on Monday amidst sentiment driven both by concerns about China as well as the growing Fed rate cut expectations. China's Shanghai Composite Index slipped 0.29 percent. The Shenzhen Component Index lost 0.62 percent. The Japanese benchmark Nikkei 225 lost 0.60 percent.

Wall Street had closed on a positive note on Friday. Nasdaq Composite gained 0.55 percent to close at 14,305.03 whereas the Dow Jones Industrial Average edged up 0.82 percent to finish trading at 36,245.50.

In the corporate sector, Roche Holding AG shares were gaining more than 2 percent after the Swiss drug major said it agreed to buy Carmot Therapeutics, Inc., a privately owned US clinical-stage biotechnology company, for $2.7 billion upfront in cash and additional milestone payments of up to $400 million.

Swiss Life Holding AG was down 1 percent after the firm said its Chief Executive Officer, Patrick Frost, will step down at its Annual General Meeting on May 15, 2024. Subsequently, current Chief Financial Officer, Matthias Aellig, has been appointed as new CEO with effect from May 16.

Toyota Motor Corp. was down around 2.4 percent in London. Toyota Motor Europe said it expects the company's battery electric vehicle sales to be more than 250,000 per year by 2026. By then, Toyota's European BEV (battery electric vehicles) mix is expected to be over 20 percent.

Capita Plc shares were gaining more than 4 percent. The British business process outsourcing and professional services said it has agreed to sell its 75 percent stake in Fera Science Limited to Bridgepoint Group Plc, for 60 million pounds on a cash-free, debt-free basis.

In Germany, Zalando tops with gains of 2.6 percent, while Siemens Healthineers was declining 1.1 percent.

In France, Unibail-Rodamco-Westfield SE was moving up 2.4 percent, and Kering S.A. Was up 2.2 percent. BNP Paribas S.A.and Eurofins Scientific SE gained more than 1 percent. Losers include TotalEnergies S E that was down 2.3 percent, and Alstom S.A. down 1.5 percent.