European Shares Pare Gains Ahead Of US Inflation Data

European stocks pared early gains on Thursday, as investors digested mixed earnings updates and awaited the release of U.S. consumer price data later in the day for further signs of accelerating inflation.

The inflation report will help set expectations for how the U.S. Federal Reserve will set monetary policy at its March 15-6 policy meeting.

The pan European Stoxx 600 was marginally higher at 473.50, paring early gains. The German DAX rose 0.3 percent and France’s CAC 40 index edged up 0.1 percent while the U.K.’s FTSE 100 was marginally lower

Arcelor Mittal tumbled 3 percent. After posting its biggest annual profit in more than a decade, the company said it expects growth in global steel demand to slow this year.

Vestas Wind Systems A/S lost 4 percent. After reporting a fall in its fiscal 2021 profit, the Danish wind turbines maker said that 2022 will be challenging for the industry.

British drug maker AstraZeneca rallied 3.7 percent after its quarterly results topped expectations.

Redrow rose over 2 percent. The homebuilder lifted its guidance for 2024 after reporting about 17 percent rise in its interim profit.

Unilever fell 2.6 percent after the consumer goods company warned of lower margins due to high inflation.

Societe Generale surged nearly 5 percent as the French lender topped estimates to post its best annual performance ever.

Credit Agricole rose 1.3 percent after its fourth-quarter net income came ahead of market views.

Siemens jumped 5.6 percent after the automation company delivered robust quarterly profit and confirmed its guidance for 2022, saying it was seeing “extraordinary” order intake from its customers.

Metro AG soared 8 percent. The cash-and-carry firm has reported a 20 percent increase in sales in the first quarter of its financial year.

Online food ordering company Delivery Hero plunged as much as 24 percent after its full-year profit projections disappointed analysts.

Thyssenkrupp dropped 1.4 percent despite the industrial company posting better-than-expected sales and earnings in its first quarter.

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