On Monday, European stocks broadly dipped in anticipation of a shorter trading week due to the Easter weekend. This cautious mood was intensified by the escalating trade war between the U.S. and China. Raphael Bostic, the head of the Federal Reserve Bank of Atlanta, has also reduced his Federal Open Market Committee forecast to just one rate cut for this year.
Investors are keeping a close eye on U.S. and European inflation data due for release this week. Indications suggest that the U.S. core personal consumption expenditure (PCE) price index, a measure of household spending, will display a rise of 0.3% for February. This continues maintaining the annual rate at 2.8%.
There was a minor drop in the pan-European STOXX 600 as it fell by 0.1% to 509.06, following nine consecutive weeks of growth - its most extended progression in 12 years. The French CAC 40 dropped 0.3%, Britain's FTSE 100 edged down 0.2%, and Germany's DAX made fractional gains.
Swedish manufacturing company SKF witnessed a 1.2% fall following its entry into a new study and innovation project. Conversely, property group SBB rose 11%, after announcing its plan to repurchase debt at a 60% discount to its original value.
Direct Line Insurance Group suffered a 12% plunge after Belgian insurer Ageas declared it would not launch a third attempt at a takeover. Gamma Communications, which provides communication services and products, reported a 1% increase as higher revenue boosted increased year-on-year pre-tax income.
Water utility firm Pennon Group suffered a 2% fall after announcing a financial performance in line with management's expectations for the full year. Home improvement retailer Kingfisher fell by 2.1% as its pre-tax profit for the fiscal year ending January 31 plummeted by 22.3% to £475 million. Property development company Henry Boot saw a 1% downturn after an 18% drop in pre-tax profit to £37.3 million for fiscal 2024.
Food delivery company Delivery Hero SE saw a 4% stock decrease. The company announced that CFO Emmanuel Thomassin will be leaving at the end of September, with the Supervisory Board currently considering potential successors.
