European shares rise on Wall Street bounce; focus on data-packed week By Reuters

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 9, 2024. REUTERS/Staff/File Photo

(Reuters) – European shares climbed on Monday, catching the tailwind from a bounce on Wall Street that pushed the to close above 5,000 for the first time, while investors tracked earnings and economic data to gauge the European Central Bank’s rate outlook.

The pan-European edged 0.3% higher by 0810 GMT, with all the sectors trading in the green except energy shares that tracked oil prices lower.

Italian stocks were the outperformers among regional peers in early trade with a 0.6% jump.

The week is packed with economic data including euro zone’s fourth-quarter GDP growth, consumer price inflation from Spain and other regions and ZEW survey to gauge industry expectations on the state of the region’s economy.

Across the Atlantic, investors will keep a close eye on the U.S. January CPI print on Tuesday for clues on the timing of a potential rate cut by the Federal Reserve.

Shares of Tod’s soared 17.4% after private equity firm L Catterton said it would launch a tender offer to buy 36% of the luxury shoemaker at 43 euros per share.

Novo Nordisk (NYSE:) rose 1.2% on report that its controlling shareholder Novo Holdings plans to invest up to $7 billion annually by 2030.

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