European shares muted in earnings deluge ahead of inflation data

By Thomson Reuters Apr 30, 2024 | 2:27 AM

(Reuters) – European shares opened trade on a subdued note on Tuesday, as investors parsed a deluge of corporate earnings reports from industry heavyweights while keeping an eye out for economic data including the euro zone’s inflation for April.

The continent-wide STOXX 600 stocks index was flat, as of 0710 GMT, but set to log its first monthly decline in six.

Investors will monitor the bloc-wide flash April inflation and first-quarter GDP data during the day for clues on the European Central Bank’s interest rate cuts beyond June.

Shares of Mercedes-Benz shed 2.7% after reporting a 30% drop in its first-quarter earnings while pledging to steer clear of entering a discount race.

Stellantis lost 2.2% following the Franco-Italian carmaker’s plunge in first-quarter revenue.

Vonovia climbed 5% following the largest German real estate group’s return to profit in first quarter.

Shares of HSBC climbed 2.3% after the lender announced its quarterly results, a share buyback plan, and CEO Noel Quinn’s surprise retirement.

Logitech jumped 6% after the Swiss-American computer peripheral maker’s better-than-expected full-year outlook and fourth-quarter results beat.

(Reporting by Ankika Biswas in Bengaluru; Editing by Sherry Jacob-Phillips)