Live Markets: Europe: a quiet day ahead with UK and US on holiday

TAG Immobilien AG

27/05/2024 07:42

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You
can share your thoughts with us at     
    
    
    EUROPE: A QUIET DAY AHEAD WITH UK AND US ON HOLIDAY
    European shares were set for a flat start of the week on Monday, with investors bracing for
key U.S. inflation data on Friday that could help fine-tune expectations over the timing and
scale of possible rate cuts by the Federal Reserve this year.
    Trading however was likely be thin due to the closure of UK and U.S. markets for holiday,
while in Asia the tone was positive, with MSCI's broadest index of Asia-Pacific shares outside
Japan < .MIAPJ0000PUS> gaining around 0.9%.
    Traders this week will also be watching for euro zone inflation readings coming just ahead
of the European Central Bank's policy meeting on June 6, which is widely expected to deliver a
first rate cut from record levels. Taiwan stocks  .TWII  reached a record, having climbed more
than 7% for the month so far on a tide of tech bullishness.
    EuroSTOXX50  STXEcv1  and DAX  FDXc1  futures were last trading just below parity. The
region-wide STOXX 600  .STOXX  is hovering near record-high levels, up 3.4% so far in May as
strong earnings season helped make up for a decline in April.
    In European corporate news, Alstom  ALSO.PA  was one to watch after the French train maker 
set terms of a planned 1-billion euro ($1.08 billion) capital increase it will use to strengthen
its balance sheet. 
    In the real estate sector, Sweden's SBB  SBBb.ST  said on Saturday it was forming a joint
venture with U.S.-based private credit firm Castlelake to help its debt problems.
    Moody's lifted its rating for German landlord TAG Immobilien  TEGG.DE  to investment grade
with a stable outlook.
    In European data, Germany's Ifo business climate for May will be Monday's highlight,
possibly showing a fourth consecutive rise.
    
    (Danilo Masoni)
    *****