European Stocks Steady With US Economy in Focus; Bayer Jumps
European stocks were little changed as investors assessed the path of interest rates and the health of the US economy. Bayer AG soared after the Trump administration urged the Supreme Court to take Roundup appeal.
The Stoxx Europe 600 Index was little changed by 9:20 a.m. in Paris. Consumer products and healthcare shares were leading declines, while personal care as well as utilities sectors outperformed.
Bayer rose as much as 14%, the most since 2003, after the Trump administration urged the US Supreme Court to consider the German company’s appeal targeting thousands of lawsuits blaming its Roundup weedkiller for causing cancer.
Santander Bank Polska SA dropped 5.2% after its parent company sold a 3.5% stake in the Polish unit.
Traders are awaiting US data this week for any clues about whether the US Federal Reserve will go for an interest rate cut at its meeting next week. Fed officials will get a dated reading on their preferred inflation gauge before next week’s rate decision. The report due Friday is expected to show that inflationary pressures are stable, but sticky.
“In the absence of any major catalyst, it’s very much wait-and-see until the Fed meeting while keeping an eye on US job and inflation data,” said Karen Georges, a fund manager at Ecofi Investissements in Paris
Europe’s main regional index is up 13% so far this year and is trading about 1.5% away from the record level it reached last month, amid resilient earnings and economic growth.
Source : Bloomberg.com
