European Shares Trim Losses As Inflation Falls In March

(RTTNews) - European stocks cut early losses to trade mixed on Wednesday after data showed Eurozone inflation softened in March, supporting expectations that the European Central Bank will start lowering interest rates in June.

According to the flash estimate from Eurostat, the harmonized index of consumer prices registered an increase of 2.4 percent annually, slower than the 2.6 percent rise in February. Prices were forecast to climb 2.5 percent.

Likewise, core inflation eased to 2.9 percent in March from 3.1 percent in the previous month.

The closely watched ADP employment report along with Fed Chair Jerome Powell's comments may influence trading later in the day, before Friday's U.S. non-farm payrolls data.

The pan European STOXX 600 was marginally lower at 50.8.40, recouping some early losses.

The German DAX and France's CAC 40 both edged up around 0.2 percent, while the U.K.'s FTSE 100 was down 0.4 percent.

Meyer Burger shares plummeted 26 percent. The Swiss solar panel maker said it had successfully completed a capital increase through a rights issue.

Reinsurer Swiss Re declined 2.2 percent after an announcement that Andreas Berger will become Group Chief Executive Officer effective 1 July 2024.

British engineer Renishaw plunged 4.2 percent after Germany's Siemens said it does not intend to make an offer for the company.

Low-cost airline Wizz Air Holdings was little changed after unveiling passenger traffic and load factor figures for March.

Topps Tiles declined 1.5 percent after the tiles retailer reported lower half-yearly sales and issued a profit warning.

Meat, seafood and meat alternatives group Hilton Food lost 4.3 percent after reporting modest top-line growth in 2023.