European shares edge higher as US CPI data looms, Credit Agricole gains

CTI Biopharma

10/05/2023 08:13

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       May 10 (Reuters) - European shares inched higher on
Wednesday as Credit Agricole gained after posting upbeat
earnings, while investors were on tenterhooks ahead of U.S.
inflation data that is likely to shape expectations for rate
cuts in the world's largest economy.
    The pan-European STOXX 600 index  .STOXX  was up 0.1%, as of
7:04 GMT.
    U.S. consumer price index (CPI) data, due at 8:30 am ET
(12:30 GMT), comes after a strong payrolls report last week
dampened hopes of rate cuts from the Federal Reserve anytime
soon.
    Shares of Credit Agricole SA  CAGR.PA  gained 3.8% after
France's second-biggest listed bank beat first-quarter earnings
estimates on a boost from trading revenue.
    Siemens Healthineers  SHLG.DE  fell 5.3% as the medical
device maker said it was discontinuing its heart surgery robots
business after its quarterly operating profit fell 30%.
    Swedish Orphan Biovitrum  SOBIV.ST  dropped 15.3% to the
bottom of the STOXX 600 after the drug maker said it had agreed
to make a $1.7 billion cash offer to buy U.S.-based CTI
BioPharma  CTIC.O . 

    


 (Reporting by Amruta Khandekar; Editing by Sonia Cheema)
 ((Amruta.Khandekar@thomsonreuters.com;))