European shares steady ahead of PMI data

European shares steady ahead of PMI data

(Reuters) – European stocks edged higher on Tuesday, boosted by a fresh run of gains for technology stocks, while investors awaited economic data that is expected to show a slight improvement in euro zone business activity.

The pan-European STOXX 600 index rose 0.1% after a strong finish on Wall Street, lifted by tech stocks that were battered last year in the wake of surging interest rates.

S&P Globals flash reading, due at 0900 GMT, is expected to show the euro zone flash composite PMI edged up to 49.8 in January, a small improvement from 49.3 in December, as energy prices dropped and inflation moderated.

Among stocks, Rheinmetall added 1.2% after the German defence groups chief executive forecast sales would grow to 11-12 billion euros ($12-$13 billion) in 2025, according to German magazine Stern.

Swatch Group edged up 0.8% after the Swiss watchmaker said it was positive about a recovery in the China market and also reported a 2.5% increase in 2022 sales.

Shares of Norwegian salmon farmers SalMar and Mowi jumped 4.7% and 9.1%, respectively, to top the STOXX 600.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio DSouza)

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