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Europe open: Stocks little changed ahead of CPI data

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Europe open: Stocks little changed ahead of CPI data

Mon, 17 July 2017
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Europe open: Stocks little changed ahead of CPI data

(ShareCast News) - Stocks in Europe were trading on a mixed note early on, as traders waited on the latest euro area consumer price figures and despite a slate of better-than-expected data released overnight in China.
As of 0920 BST the benchmark Stoxx 600 was higher by 0.11% or 0.43 points at 387.27, but the German Dax was lower by 0.30% or 37.68 points to 12,593.77 and the Cac-40 was drifting lower by 0.04% or 2.02 points to 5,233.29.

Euro area consumer price data for June was set for release at 1000 BST, with economists forecasting a dip in headline CPI from a 1.4% pace in May to 1.3% for June.

The data would set the stage ahead of the next European Central Bank policy meeting, on Thursday, at which analysts were hoping for a little more clarity as to the monetary authority's medium-term plans for its asset purchase programme.

Speculation about a possible shift in policy had built in markets over the prior few weeks.

Acting as a backdrop, gross domestic product growth in China during the second quarter of 2017 clocked in at 6.9% year-on-year, the same as in the prior quarter and contrary to expectations for a small slowdown to 6.8%.

Industrial production and retail sales both sped past forecasts in June too.

Later in the session at 1330 BST, the Federal Reserve bank of New York was scheduled to publish its regional manufacturing sector gauge for July.

Shares in Lufthansa were higher on the back of an upwards target price revision out of Credit Suisse from €18.71 to €24.0.

Stock in Telenor ASA snapped higher after the company posted a smaller than expected quarterly loss and announced a share buyback programme.

Germany's Gea was sharply lower after the food-processing machinery manufacturer lowered its guidance for operating profits in 2017.