Europe open: Shares flat as investors eye eurozone GDP, inflation data

European shares were slightly lower at the open on Monday as investors eyed eurozone inflation and GDP figures.

The pan-European Stoxx 600 index was down around 0.08% in early deals. Shares in Asia were largely higher despite China factory activity missing expectations. Traders are also eyeing another rate hike from the US Federal Reserve on Wednesday.

In regional economic news, the eurozone's October flash inflation estimate is expected to show a 10.2% year-on-year rise.

The European Central Bank last week implemented its second 75-basis-point (bps) rate increase to stem price pressures and ECB governing council member Klaas Knot on Sunday said the bank's next move in December is likely to be between 50 and 75 bps.

"We are not in even half-time yet," Knot said in an interview with Dutch TV programme Buitenhof, referring to the ECB's fight against surging eurozone inflation.

On the corporate front, Credit Suisse revealed that “qualified investors” had committed to buying more than 462 million new shares at a purchase price of 3.82 Swiss francs each as the embattled lender looks to raise SFR 4bn in capital.

The expected gross proceeds of the share placement are expected to total SFR 1.76bn, the bank said in a statement, with the Saudi National Bank (SNB) accounting for 307.6 million of the new shares to bring its holding of Credit Suisse stock to 9.9%.

Fresenius Medical Care shares were up despite the world's largest kidney dialysis provider cutting its outlook.

Shares in Royal Mail owner, International Distribution Services, jumped as postal workers called off planned strikes and the company was also told that no further action will be taken against it under the UK National Security and Investment Act in relation to Vesa Equity Investment SARL's shareholding.

Vesa had recently said that it held 22% of the company.

Reporting by Frank Prenesti for Sharecast.com