European markets experienced uncertainty on Tuesday as various economic indicators painted an inconsistent picture of the region's performance.
Research firm GfK reported a minor uplift in German consumer confidence for March, with their anticipatory consumer sentiment index rising to -29.0, up slightly from -29.6 the previous month. This is in line with what economists had predicted.
Contrary to Germany, France's consumer sentiment took an unexpected hit in February, falling from 91 to 89. This defied predictions that confidence would gain momentum, reaching 92.
In the UK, retail price inflation saw a significant reduction in February, hitting a nearly two-year low. Data from the British Retail Consortium showed a yearly increase of 2.5% in shop prices, a decrease from the 2.9% rise in January—the lowest it has been since March 2022.
Stock indexes across Europe experienced fluctuation; the pan-European STOXX 600 saw a slight decrease, standing at 495.39. The German DAX was up by 0.4%, and France's CAC 40 and the UK's FTSE 100 experienced minor increases.
Shares in SEB dropped by 5% after Peugeot Invest sold their stake in the appliance manufacturing company. On the other hand, a weakening dollar benefited mining stocks, causing Anglo American's value to rise 2.7%.
Asset management company Abrdn saw nearly a 5% increase in its shares as it managed to narrow its full-year losses. The company also announced plans to reduce costs by cutting around 500 jobs.
Smith & Nephew, a leading medical device producer, saw a 2.5% increase in its share price following improved financial results for Q4 and the whole of 2023.
Shares in French retail company Casino soared by 53% after a French court approved its restructuring plans.
Elsewhere, tech company Capgemini saw a minor rise in its share price after securing a deal worth more than 100 million Euros with European transmission system operator TenneT. The deal involves the design, creation, and application of a cloud platform aimed at enhancing TenneT’s operations.
Bouygues, a company with diverse business interests, experienced a surge in its shares of over 6% after outperforming its projected annual core profit.
Schaeffler AG, a German company, saw a 1.3% rise in its shares as it announced plans for constructing a new facility specializing in e-mobility solutions in the US.
Sportswear company PUMA saw a minor increase in its shares despite losing some early gains. The company still forecasts a slow start to the first half of 2024, but it remains steadfast in meeting the annual targets set earlier in January.
