European stocks rise ahead of inflation data; Basilea shines
04/04/2024 08:02
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April 4 (Reuters) - European stocks edged higher on
Thursday with investors awaiting an inflation print and minutes
from the European Central Bank's latest meeting, while shares of
Basilea jumped following the U.S. regulatory approval for the
drugmaker's bacterial therapy.
The continent-wide STOXX 600 index .STOXX was up 0.1%, as
of 0720 GMT, ahead of the region's February producer prices due
at 0900 GMT.
The producer prices index is likely to decline 8.6%,
unchanged from January, according to economists polled by
Reuters.
Later in the day, investors will parse minutes from ECB's
March meeting to ascertain the timing of the much-awaited first
interest rate cut.
Among early movers, Basilea Pharmaceutica BSLN.S surged
9.4% to an over six-month high after the Swiss firm received
U.S. health regulator's approval for its antibiotic Zevtera that
treats bacterial infections including multidrug-resistant
strains.
Shares of Compugroup COP1n.DE gained 7.5% after Morgan
Stanley upgraded the German medical software company's stock
rating to "overweight" from "equal-weight".
(Reporting by Johann M Cherian and Ozan Ergenay; Editing by
Sherry Jacob-Phillips)
((johann.mcherian@thomsonreuters.com;))