European shares muted ahead of US inflation, Powell remarks; Delivery Hero spikes

By Thomson Reuters May 14, 2024 | 2:32 AM

(Reuters) – European shares were subdued on Tuesday as investors braced for key U.S. inflation data and Federal Reserve Chair Jerome Powell’s remarks due later in the day, while Delivery Hero jumped on the sale of its Taiwan foodpanda business to Uber.

The pan-European STOXX 600 was unchanged as of 0717 GMT.

On the day’s agenda are U.S. producer prices inflation data and Powell’s remarks, ahead of the market-moving consumer prices inflation data on Wednesday, as investors try to assess the Fed’s interest rate cut outlook.

Delivery Hero shares soared 20% after Uber announced a $1.25 billion deal to take over its foodpanda business in Taiwan and buy new shares in the German firm.

Swiss eye-care group Alcon advanced 9% after first-quarter earnings, while hearing aid maker Sonova Holding climbed 6% after forecasting accelerating growth for 2024.

Rheinmetall shed 5.5% after the German arms manufacturer missed expectations for first-quarter sales and profit.

German chemicals distributor Brenntag dropped 7.8% on lowering its full-year earnings forecast after missing first-quarter operating EBITA estimates.

(Reporting by Ankika Biswas in Bengaluru; Editing by Eileen Soreng)