European stocks traded mixed on Tuesday as investors looked ahead to the release of U.S. inflation data along with the ECB policy meeting this week for directional cues. <\/p>\n
The pan European STOXX 600 was marginally lower at 456.05 after gaining 0.3 percent on Monday. <\/p>\n
The German DAX fell 0.4 percent and France’s CAC 40 slipped 0.1 percent, while the U.K.’s FTSE 100 was up 0.4 percent, driven by a weaker pound after the release of mixed labor market data pointing to a cooling labor market but strong wage growth in July. <\/p>\n
The U.K. unemployment rate rose to 4.3 percent in the three months to July from 4.2 percent in the preceding period, the Office for National Statistics reported.<\/p>\n
Regarding the wage growth, data showed that average earnings excluding bonuses grew the most since records began in 2001. <\/p>\n
BOE policymaker Catherine Mann warned late Monday that it’s too soon for the Bank of England to stop raising rates. <\/p>\n
Elsewhere, data from the federal statistics office showed earlier today that Germany wholesale prices continued their downward trend for a fifth consecutive month in August due to lower prices for mineral oil products.<\/p>\n
Wholesale prices fell 2.7 percent compared to the same month last year.<\/p>\n
German investor sentiment unexpectedly improved in September, with the ZEW economic sentient index rising to -11.4 points from -12.3 points in August.<\/p>\n
In corporate news, Associated British Foods jumped 6 percent in London after the Primark owner raised its full-year profit outlook for the second time in four months, citing improved sales growth across categories. <\/p>\n
Smurfit Kappa Group shares fell nearly 9 percent. The packaging firm announced a deal to combine with U.S. peer WestRock to form a new holding company, Smurfit WestRock.<\/p>\n
Vallourec S.A. shares edged up about half a percent. The French manufacturing company focused on geothermal industry reaffirmed its EBITDA outlook for full year 2023.<\/p>\n