European shares inch up on miners, earnings support

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window) * Bouygues shares rise after FY profit beat * Casino Guichard advances after court clears restructuring plan * Abrdn spikes on beating annual profit estimates * Eurofins slumps after adjusted EPS miss (Updated at 9:35 GMT) By Khushi Singh Feb 27 (Reuters) - European shares edged slightly higher on Tuesday, led by gains in basic resources stocks and a string of upbeat earnings, while investors and central bankers braced for inflation data this week that could alter the course for interest rates.

Bouygues shares rise after FY profit beat *

Casino Guichard advances after court clears restructuring plan *

Abrdn spikes on beating annual profit estimates *

Eurofins slumps after adjusted EPS miss (Updated at 9:35 GMT)

By Khushi Singh Feb 27 (Reuters) -

European shares edged slightly higher on Tuesday, led by gains in basic resources stocks and a string of upbeat earnings, while investors and central bankers braced for inflation data this week that could alter the course for interest rates. The pan-European STOXX 600 ticked up 0.1% by 9:35 GMT, while Germany's benchmark DAX climbed 0.4%, logging another record high.

Investors are taking a pause after last week's surge in artificial intelligence-driven buying which propelled the STOXX 600 to a record high. However, caution prevails ahead of key inflation data from the euro zone and the U.S., pushing European equities down this week, despite favourable earnings from industry giants. "Rate cuts are now likely to come near the end of the second quarter, rather than March as previously anticipated and the European Central Bank looks likely to cut rates by 75-100 basis points this year rather than the 150-plus forecast just one month ago," said David Morrison, senior market analyst at Trade Nation.

The top sectoral performer, basic resources, added 1.2%, limiting losses on the index, as gold prices inched up due to a softer dollar ahead of U.S. inflation data. In corporate update, British asset manager abrdn rose 3.2%, as it outlined plans to pursue deeper cost cuts to revive performance.

French conglomerate Bouygues jumped 7.0% after reporting annual operating profit above its target, driven by strong performance across nearly all its segments, offseting weakness in real estate business. Shares of French retailer Casino Guichard surged 50.8% following approval from a French court for its restructuring plan.

In contrast, Eurofins Scientific tumbled over 11% to the bottom of STOXX 600 after the French testing company reported an adjusted profit miss in 2023. Shares in SEB dropped 5.5% after Peugeot Invest sold stake in the household equipment manufacturer.

Meanwhile, a survey showed that German consumer sentiment is expected to stabilize at a low level in March, while France's consumer confidence declined in February from the previous month as inflation worries weighed again. Later in the day, investors will be closely monitoring U.S. data for durable goods sales, consumer confidence and home prices.

In a sign of relief, European Central Bank member and Riksbank Governor Erik Thedeen did not dismiss the possibility of a policy rate cut in the first half of the year, considering the fall in inflation.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)