European Shares Mostly Higher Ahead Of Inflation Data

(RTTNews) - European stocks were seeing modest gains on Tuesday as investors awaited the euro zone's final November inflation print due later in the day for more insight into the ECB's rate plans.

Sentiment was underpinned somewhat after San Francisco Fed President Mary Daly said cuts to the U.S. central bank's benchmark rate are likely to be appropriate next year because of an improvement in inflation.

The Fed must make sure "we don't give people price stability but take away jobs," Daly told the Wall Street Journal in an interview.

The pan European STOXX 600 was up 0.3 percent at 476.50 after declining 0.3 percent on Monday.

The German DAX gained 0.3 percent and the U.K.'s FTSE 100 added 0.2 percent while France's CAC 40 was marginally lower.

Earlier in the day, France's central bank has slightly lowered France's GDP growth forecast to 0.8 percent for 2023, adding it expects a subsequent gradual acceleration up to 2026.

Medivir AB jumped 3.5 percent. The Swedish pharmaceutical company focused on cancer treatments, announced that its ongoing phase 1b/2a study with Fostrox + Lenvima demonstrated further improvement in durable clinical benefit in advanced hepatocellular carcinoma.

UBS gained 2.1 percent after activist investor Cevian Capital paid 1.2 billion euros ($1.31 billion) for a stake in the Swiss bank.

Superdry shares slumped 17 percent in London. The fashion retailer has warned of a hit to annual profit, citing challenging trading environment.

Netcall jumped more than 4 percent. The software firm said that its trading for the first half of fiscal 2024 has been in line with management expectations.

Specialist finance provider Time Finance declined 2 percent despite reporting increased revenues and profitability in its half-year results.

Banknote printer De La Rue plummeted 7.4 percent after reporting a wider loss-before tax for the first half, amidst a decrease in revenue.

Bayer AG rose half a percent. After a U.S. jury ordered Monsanto to pay $857 million to former students and parent volunteers of a U.S. school for toxic leaks, the German chemicals giant said it plans to have the verdict reduced or overturned.

Covestro rallied 2.3 percent after reports that the Abu Dhabi National Oil Co was preparing to increase its takeover offer for the chemicals maker.