STOXX 600 steady ahead of inflation data
The pan-European STOXX 600 was flat at 574.98 points
European shares were little changed on Monday ahead of inflation data, while investors continued to monitor developments in the Middle East war that has upended global markets.
The pan-European STOXX 600 was flat at 574.98 points as of 0809 GMT. The defence sector led losses with a 0.8 per cent decline.
European bourses followed the negative lead set by their Asia-Pacific overnight, as traders digest the latest war developments over the weekend.
Focus is on Germany’s CPI and HICP data due later in the day to gauge the impact of the war on Europe’s largest economy.
The Middle East war has driven oil prices sharply higher, fuelling inflation fears and pushing Europe’s STOXX 600 toward its steepest monthly decline since March 2020.
The war showed no sign of easing, stoking fears of more disruptions to shipping lanes.
Brent Crude surged above $115 per barrel on Monday.
French central bank chief Francois Villeroy de Galhau said the European Central Bank is determined to prevent any energy-driven inflation from broadening out, but it is too early to discuss dates for possible interest rate hikes.
Among individual stocks, INWIT declined 3.1 per cent after Telecom Italia said it had ended a long-term lease contract with Italy’s top mast operator.
UK-listed shares of Rio Tinto firmed nearly 5 per cent after the miner said operations at three of its four Pilbara iron ore port terminals have resumed after Tropical Cyclone Narelle swept through Western Australia’s Pilbara region, which helped lift London’s FTSE 100 0.2 per cent higher.