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Friday, May 24, 2024

Two-Week High for European Shares; Attention on Inflation Data, Fed Policy

European shares climbed to a two-week high on Monday, extending strong gains from last week, with investors awaiting economic data and the Federal Reserve’s policy decision, while Deutsche Bank dropped on a provision for Postbank litigation.

The pan-European STOXX 600 (.STOXX), opens new tab was up 0.3%, as of 0718 GMT GMT, after logging its first weekly gain in four on Friday.

Basic resources (.SXPP), opens new tab led sectoral gains, with shares of Anglo American (AAL.L), opens new tab climbing 2.3% after Reuters reported BHP Group (BHP.AX), opens new tab is considering making an improved offer for the miner.

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Atos (ATOS.PA), opens new tab jumped 12.6% as the French government made an offer to buy out some of its key units.

Deutsche Bank (DBKGn.DE), opens new tab dropped nearly 4% as the German lender will make a legal provision over a litigation regarding its takeover of Postbank that will hurt its second-quarter and full-year profitability.

Investors await the euro zone’s inflation data and the Fed’s much-anticipated May interest rate decision over the week’s course for clues on the global policy outlook.

Also on investors’ radar, Spain’s Prime Minister Pedro Sanchez will finalise a decision at noon whether he plans to stay on or quit the premiership.

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