European shares inch higher on earnings boost

European shares edged higher at open on Monday as more upbeat earnings reports rolled in, although broader sentiment remained subdued as investors reassessed their interest rate cut expectations.

The pan-European STOXX 600 index was up 0.2%, as of 0835 GMT.

Delivery Hero gained 2.8% after the German online takeaway food company posted an above-guidance core profit for 2023, driven by healthy order growth.

Lotus Bakeries climbed to the top of the benchmark index, up 12.7% after the Belgian biscuits producer reported its annual results.

Snuffing the positive corporate updates, recent robust jobs data from the United States poured cold water on expectations of an early rate cut in the world’s largest economy, setting the tone for other central banks.

Markets are now pricing in a cut of around 125 basis points (bps) this year from the European Central Bank, down from around 140 bps in the previous week.

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