FX.co ★ European Shares Modestly Higher As Investors Look To Fed

European shares witnessed modest upticks on Monday as market players eagerly anticipated key regional data along with the Federal Reserve's policy verdict. Trading sentiment might be under the influence of German inflation data scheduled for release later today, just ahead of the euro zone inflation data on Tuesday. Earlier data revealed that inflation had increased in four significant German states in April.

The economic sentiment index for the euro area is expected later today. On the other hand, the Federal Reserve's policy committee is anticipated to uphold the status quo on the federal-funds rate on Wednesday. Data from property platform Zoopla indicated a seven-month consecutive rise in the UK house sales in April, primarily driven by demand for smaller homes. House prices saw a 1.9 percent upsurge in February, translating into a £5,318 hike over the past year.

The pan-European STOXX 600 reported a 0.4 percent leap, standing at 509.89 after a 1.1 percent rally on Friday for its first weekly gain in a month. The German DAX saw a minor 0.1 percent climb, while France's CAC 40 experienced a 0.2 percent rise and the UK's FTSE 100 grew by 0.6 percent.

On the corporate front, BBVA in Spain witnessed a 1.4 percent decline despite surpassing first-quarter estimates and raising its 2024 profit forecasts. Anglo American, the mining behemoth, saw a 1.3 percent rise in London. The firm's board has unanimously discarded a takeover proposal from BHP Australia worth US$39 billion, arguing that the biotech giant Oxford Biomedica's value and future potential were significantly undervalued and presented a poor proposition for Anglo American's shareholders. Oxford Biomedica's shares soared 6.4 percent as the business reported steady performance of its core operations and reaffirmed its short and medium-term financial guidance.

Major pharmaceutical company AstraZeneca registered a 1.3 percent increase after announcing advancements in two breast cancer treatments. Vivendi shares dipped 1 percent in Paris. The mass media conglomerate recorded a first-quarter revenue boost, bolstered by the incorporation of Lagardere and growth in revenue at Canal+ Group and Havas. Atos SE faced a massive 16 percent surge after French Finance Minister Bruno Le Maire announced his move to acquire the company's "sovereign activities" to preempt foreign ownership.

Deutsche Bank shares plummeted by 6.1 percent as the German lender provided updates on the ongoing litigation regarding its acquisition of Postbank, anticipating a hit to its second-quarter and annual profits as well as capital ratios. The total estimated claims, inclusive of accrued interest, stands at approximately 1.3 billion euros.