© Reuters. A picture of the Frankfurt Stock Exchange in a photo from the Reuters archive
(Reuters) – European stocks began trading on Monday with a decline after dollar-denominated commodities lost their appeal in the face of the rise in the US currency, while investors awaited the main inflation data expected to be released this week in the region and the United States.
The European index fell 0.2 percent by 0823 GMT after the broader European market closed at a record high level on Friday.
The basic resources sub-index led the losses, declining 1.4 percent, followed by shares of oil and gas companies, which fell 0.8 percent due to a decline in the prices of most metals and crude oil after rising against the backdrop of market expectations that a higher inflation rate than expected may lead to a delay in lowering interest rates.
This week, investors are awaiting the release of data on consumer confidence, business activity, and consumer prices in the euro zone during February.
Across the Atlantic, investors will be watching January’s Core Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred measure, as well as February’s factory production data.
French investor Xavier Niel and his Iliad Communications Group agreed to buy a 19.8 percent stake in the Swedish telecommunications company Tele2 for 13 billion kroner ($1.26 billion). Tele2 shares rose more than nine percent.
(Prepared by Al-Shaima Saad for the Arabic Bulletin – Edited by Mahmoud Reda Murad)
2024-02-26 09:28:00
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