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European stocks pull back ahead of inflation data

(Reuters)
2 July 2024 11:43

(Reuters)

European stocks slipped on Tuesday, with French equities erasing some of the previous session's gains driven by relief after the first round parliamentary election, while investors awaited euro zone inflation data for hints on the ECB's interest rate path.

The pan-European STOXX 600 index slipped 0.5% by 0704 GMT, touching a two-week low.

France's blue-chip CAC 40 index dropped 0.6%. It had risen 1.1% on Monday, after investors took relief from Marine Le Pen's National Rally (RN) scoring a win smaller than some polls had expected, lessening the chance of an absolute majority for the far-right party.
Investors will focus on euro-zone June inflation data later in the day.

Economists expect inflation to cool slightly from the prior month.
German inflation fell more than expected in June, data on Monday showed, resuming its downward trend after two consecutive months of increases and leaving the door open for another rate cut by the European Central Bank in September.

However, ECB President Christine Lagarde said on Monday that benign economic developments indicate that rate cuts are not urgent.
Among single stocks, Sodexo dropped about 4% after the French food caterer posted third-quarter sales below expectations, citing a slowdown in China.

Siemens Energy rose 2.3% after the energy engineering group announced plans to recruit more than 10,000 employees by 2030.

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