European Shares Gain With Inflation And PMI Data In Focus

(RTTNews) - European shares rebounded from three-week lows on Thursday, with inflation and PMI data in focus.

German inflation data is awaited after the latest readings in states pointed to a national rise.

French consumer price inflation posted an annual increase of 3.7 percent in December, following a gain of 3.5 percent in November.

Nonetheless, this was weaker than economists' forecast of 3.8 percent.

The contraction in euro zone business activity continued at the end of 2023, indicating the bloc's economy was in recession.

The pan-European STOXX 600 was up 0.4 percent at 476.26 after falling 0.9 percent on Wednesday.

The German DAX rose 0.3 percent, while France's CAC 40 and the U.K.'s FTSE 100 both edged up 0.2 percent.

Spanish telecom major Telefonica gained 1 percent after signing an agreement with trade unions to slash up to 3,421 staff.

Energy stocks rallied, with BP Plc climbing 1.2 percent and Shell adding 1 percent, after oil prices settled about 3 percent higher overnight on supply concerns.

Next Plc shares soared 4.7 percent. The retailer raised its pretax profit guidance after sales in the pre-Christmas business period exceeded expectations.

JD Sports Fashion slumped 21 percent after lowering its full-year profit forecast.

Evotec SE shares plunged 19 percent. The German biotechnology company said Chief Executive Werner Lanthaler decided to step down as chief executive for personal reasons.

Wind turbine manufacturer Nordex SE rallied 3.8 percent after an announcement that it has received an order of 106 MW from Spanish electricity producer Capital Energy. The financial details of the transaction are not known yet.