Economy 1 MIN READ

European shares open lower ahead of inflation data

March 2, 2023By Reuters

European shares opened lower on Thursday bogged down by declines in travel and rate-sensitive technology stocks, as investors were cautious ahead of a key inflation reading later in the day.

Inflation across the 20 countries that use the euro is seen at 8.2% in the 12 months leading to February, a Reuters poll showed, from an 8.6% rise in the prior month. The data is expected at 1000 GMT.

The continent-wide STOXX 600 0.7% by 0810 GMT.

Earlier in the week, data from Spain, France and Germany indicated that inflation remained sticky and fed into fears that the European Central Bank would remain hawkish for longer.

Euro zone government bond yields hit fresh multi-year highs on Thursday, pressuring interest rate-sensitive technology stocks, which fell 1.7%.

Flutter fell 6.4%, pulling down the European travel & leisure sector index by 2.2%, after reporting full-year core profit at the lower end of its guidance range.

(Reporting by Johann M Cherian in Bengaluru; editing by Eileen Soreng)

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