European Shares Mixed In Cautious Trade

European stocks were mixed in cautious trade Monday after data showed the euro zone economy regained momentum in February, but high inflation persisted in services and manufacturing, adding to reasons for the European Central Bank to become more hawkish.

Investors also watched the latest developments in Ukraine as last-ditch diplomatic efforts continued to prevent what Western powers warn could be the imminent Russian invasion of Ukraine.

The pan European Stoxx 600 was marginally lower at 460.56, giving up early gains.

The German DAX was up 0.1 percent and the U.K.’s FTSE 100 edged up 0.2 percent, while France’s CAC 40 index slipped 0.3 percent.

Exor, which controls Ferrari and is Stellantis’ biggest shareholder, slumped 4.2 percent after saying that it settled with the Italian Tax Authorities on a complex tax issue, specifically in respect of the Exit Tax.

Beverage company Diageo rose about 1 percent in London after launching a new £1.7bn share buyback program.

Miner Anglo American also added 1 percent after announcing it has restarted operations at its Grosvenor metallurgical coal mine in Queensland, Australia.

French car parts group Faurecia fell over 2 percent despite forecasting higher sales in 2022.

Vaccine maker Valneva gained 1 percent. The biotech firm’s Scottish unit has received a grant of up to 20 million pounds ($27 million) to partly fund the research and development of manufacturing its Covid-19 vaccine VLA2001.

German airline Lufthansa advanced 1 percent after saying it will suspend flights to Ukraine capital Kyiv from Monday.

Hannover Re gained more than 1 percent. The re-insurer said it has transferred altogether 11 catastrophe bonds with a volume of more than $2.7 billion to the capital market for its clients in fiscal 2021, higher than previous year’s $1.6 billion.

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