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European Shares Subdued As Euro Gains Ground

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European stocks were subdued on Tuesday despite Wall Street striving to recoup more of last week's heavy losses and Asian markets finishing mostly higher today after the announcement of U.S. President Donald Trump's infrastructure plan.

The euro strengthened against the dollar ahead of U.S. inflation data due on Wednesday, a report that may offer further clues on the pace of interest rate hikes in the U.S.

In economic releases, U.K. consumer price inflation came in at 3 percent in January, the same rate as seen in December.

Output price inflation eased to 2.8 percent in January from 3.3 percent a month ago while the house price index climbed 5.2 percent year-over-year in December, faster than the 5.0 percent rise in November, separate reports showed.

The pan-European Stoxx Europe 600 index was down about 0.1 percent at 372.61 in late opening deals after rising 1.2 percent on Monday.

The German DAX and France's CAC 40 index were down about 0.2 percent while the U.K.'s FTSE 100 was little changed with a negative bias.

Telenet shares plunged 7 percent after the Belgian operator posted muted growth in Q4 revenues.

Copper smelter Aurubis tumbled nearly 4 percent on reports that it is in advanced talks to sell its flat rolled products unit to Wieland-Werke AG.

Kering shares dropped 1.5 percent in Paris despite the luxury conglomerate posting strong sales growth in the fourth quarter.

Integrated steel and mining company ArcelorMittal rose about 1 percent after its Indian unit submitted an offer for Essar Steel.

Randstad Holding NV rallied 3 percent. The world's second-largest staffing company has declared a special dividend after reporting higher net profit for the fourth quarter of 2017.

Travel and tourism company TUI jumped 5 percent after the company narrowed its first-quarter loss and affirmed its FY18 outlook.

by RTTNews Staff Writer

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