(Reuters) – European shares were little moved as investors refrained from making big bets ahead of crucial global economic data and the first round of French elections, while H&M fell after missing quarterly profit forecasts.
Around 11.15am, the pan-European trades flat at 514.75 points, after closing the last two sessions lower.
The retail sector index fell 1.7%, weighed down by H&M, the world’s second-largest fashion retailer, which slipped 12.9% after missing quarterly earnings forecasts and forecasting a decline in sales in June.
Miners fell 0.7%, led by a 1.9% decline in Anglo American (JO:) after Berenberg cut the stock to ‘sell’ from ‘hold’, citing concerns about the company’s new strategic plans.
Healthcare stocks fell 0.4% on average, with GSK dropping 4.5%, a day after the U.S. Centers for Disease Control and Prevention (CDC) lowered its recommendations for use of all respiratory syncytial virus (RSV) vaccines and suspended the recommendation for use by people under 60.
On the positive front, UK-based Serco Group jumped 6.5% after the outsourcing firm raised its full-year profit forecast.
Dry (EPA:) gained 5.5% after BofA Global Research downgraded its rating to ‘buy’ from ‘underperform’.
All eyes are on tomorrow’s US inflation reading, which could play a key role in assessing the Federal Reserve’s rate outlook.
Consumer price data from France, Spain and Italy are also expected this week.
The first round of the French parliamentary elections at the weekend will also be the focus of investors’ attention.
(Translated by Camilla Borri, editing by Andrea Mandalà)
