European Shares Inch Higher Ahead Of Busy Week For Economic Data

(RTTNews) - European stocks were broadly higher on Monday ahead of a busy week packed with earnings, economic data releases and speeches by Federal Reserve officials.

Amid waning optimism over early Fed rate cuts, investors will scrutinize the January U.S. inflation data due on Tuesday for more clues on the Fed's rate trajectory.

The pan European STOXX 600 was up 0.3 percent at 486.24 ahead of Eurozone' fourth-quarter GDP growth data and consumer price inflation figures from Spain and other regions due this week.

The German DAX and France's CAC 40 both gained around 0.3 percent, while the U.K.'s FTSE 100 was marginally lower ahead of key U.K. GDP and inflation readings due this week.

Novo Nordisk rose 1.1 percent after reports that its controlling shareholder plans to invest up to $7bn a year by 2030.

Food delivery firms Just Eat Takeaway and Delivery Hero were up 6 percent and 5 percent, respectively.

Tod's SpA shares soared 17 percent after LVMH-backed private equity L Catterton announced it would acquire a 36 percent stake in the Italian luxury group.

BP Plc and Shell were seeing modest gains even as crude oil prices slipped after climbing 6 percent last week.

GSK fell about 1 percent despite receiving Fast Track designation for its chronic hepatitis B bepirovirsen drug from the U.S. Food and Drug Administration (FDA).

Tritax Big Box REIT fell over 3 percent. The real estate investment trust has reached a deal to buy U.K. Commercial Property REIT Ltd. for 0.444 new ordinary BBOX shares per UKCM share.

Nordex SE shares jumped 4.2 percent. The German wind turbine manufacturer reported that its preliminary consolidated sales for fiscal year 2023 was 6.5 billion euros and exceeded the upper end of the forecast range of 5.6 billion euro to 6.1 billion euro.