European Shares Slip Ahead Of Key Data

European stocks slipped into the red on Monday as investors digested weak China data and eyed Eurozone inflation as well as GDP figures for direction.

Central bank meetings also remained on investors’ radar, with both the Federal Reserve and Bank of England expected to raise rates by 75 basis points on Wednesday and Thursday, respectively.

The pan European STOXX 600 was down 0.2 percent at 409.98 after closing 0.1 percent higher on Friday.

The German DAX and the U.K.’s FTSE 100 both traded marginally lower, while France’s CAC 40 index dropped 0.4 percent.

Credit Suisse rose over 2 percent after the Swiss bank unveiled details of a plan to raise 4 billion Swiss francs in capital.

Italian lender UniCredit SpA added 1.7 percent after raising its full-year guidance on net interest income.

International Distribution Services — formerly Royal Mail — jumped 6.2 percent in London after its largest labor union, the Communications Workers Union (CWU), has withdrawn its planned strike action in Britain in the next two weeks.

Engineering company IMI fell over 1 percent after it agreed to acquire New York-based micro-fluid flow control business CorSolutions.

Heat treatment specialist Bodycote tumbled 2.8 percent after naming Ben Fidler as its next chief financial officer, succeeding Dominique Yates who announced his intention to retire earlier this year.

Fresenius Medical Care shares surged 5.4 percent despite the German healthcare company cutting its FY22 profit outlook.

The company said it expects 2022 net income attributable to shareholders of the company to decline in the high teens to mid-twenties percentage range.

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