European shares tick up on miners, earnings support

By Thomson Reuters Feb 27, 2024 | 2:37 AM

(Reuters) – European shares moved slightly higher on Tuesday, led by gains in basic resources shares and upbeat earnings, while investors and central bankers await inflation data this week that could alter the course for interest rates.

The pan-European STOXX 600 was up 0.1% by 8:21 GMT.

Basic resources shares led sectoral gains, with a 1.2% jump, as gold prices edged up on a softer dollar.

In the corporate update, Puma said it expects a soft first half of 2024, but stuck to the annual targets it gave in January. The German sportswear company advanced 0.5%.

French construction-to-telecoms conglomerate Bouygues jumped 5% upon reporting annual operating profit above its target as good performance across nearly all its segments offset weakness in its real estate business.

British asset manager abrdn rose 7.5% to the top of STOXX 600 as it laid out plans to pursue deep cost cuts to revive performance.

Meanwhile, shares of SEB dropped 4.6% after Peugeot Invest sold a stake in the household equipment manufacturer.

Later in the day, U.S. numbers for durable goods sales, consumer confidence and home prices will be on investors’ radar.

(Reporting by Khushi Singh in Bengaluru; Editing by Sohini Goswami)