European Shares Edge Higher In Lackluster Trade Ahead Of Powell Testimony
European stocks were flat to slightly higher on Tuesday as investors looked for more clues on the outlook for U.S. interest rate hikes.
The dollar slipped while Eurozone short-dated bond yields hovered around multi-year highs, as Federal Reserve Chair Jerome Powell starts his two-day testimony before Congress later in the day.
In economic releases, official data showed German factory orders grew 1.0 percent in January from December, confounding expectations for a decline of 0.9 percent.
Nonetheless, the pace of growth eased from revised 3.4 percent in December.
Elsewhere, a survey showed British houses prices unexpectedly jumped in February amid improvements in consumer confidence and the mortgage market.
The pan European STOXX 600 edged up 0.2 percent to 465.20 after ending flat with a negative bias on Monday.
The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were up between 0.1 percent and 0.2 percent.
Danish brewer Carlsberg declined 2 percent. Its CEO Cees ‘t Hart has decided to retire after eight successful years.
British baker and fast-food chain Greggs fell over 1 percent after warning of inflationary pressures.
John Wood Group jumped more than 16 percent. The engineering firm said it was considering rejecting the latest buyout proposal from private-equity firm Apollo Global Management.
Ashtead Group gained 3 percent after the equipment rental firm forecast annual results ahead of its own estimates.
German automotive supplier Schaeffler slumped 7.3 percent after reporting a decline in FY22 profit, cutting dividend and issuing a cautious outlook for FY23.
Zalando jumped 4.7 percent after the online retailer said it would work on improving margins this year.
Henkel, a chemical and consumer goods firm, fell more than 1 percent as it posted a 13.7 percent drop in adjusted earnings before interest and tax (EBIT) in 2022.
Meal-kit maker HelloFresh lost more than 5 percent after it forecast 2023 core profit below estimates.
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