European shares slip at opening in profit tide, Fed outcome – Markets

European shares opened on a somber note Thursday as investors returned from a midweek break to analyze a slew of big gains and the Federal Reserve signaled a slowdown in interest rate cuts.

The pan-European STOXX 600 was down 0.2% at 0715 GMT, after its first monthly decline this year in April.

Investors were back on Wednesday after the Labor Day holiday, a day when the Fed signal rate would stay higher for longer due to recent disappointing inflation data.

Energy stocks fell 1.7%, while Vestas lost 4.2% after the world’s largest wind turbine maker reported a surprise first-quarter loss.

Novo Nordisk raised its 2024 guidance and posted better-than-expected first-quarter profit.

European shares post gains after German inflation figures

However, the stock fell 2.4% after early gains were wiped out. The Dutch ING Group rose 5.4% after a share buyback worth 2.5 billion euros and a strong performance in the first quarter.

Britain’s Standard Chartered climbed 5% after a first-quarter gain, putting the banking index at the top of the list of sectoral gainers.

French office services and call center company Teleperformance rose 15.4% after higher revenue in the first quarter.