Europe open: Shares flat with eyes on Trump Davos speech; Puma plunges
By Frank Prenesti
Date: Thursday 23 Jan 2025
(Sharecast News) - The rally in European shares ran out of steam on Thursday as investors waited for US President Donald Trump's address to the World Economic Forum in Davos for any indication of how severe his threatened tariffs on imports would be.
The pan-European Stoxx 600 index was flat in early trade to 528, having hit fresh intra-day highs on Wednesday. Germany's DAX outperformed with a 0.16% rise to 21,292 points.
"Across Europe, markets have hit the pause button on their recent rally, with hopes pinned on further ECB rate cuts to keep the party going," said Hargreaves Lansdown analyst Matt Britzman.
"Markets are getting wise to President Trump's negotiation tactics, with investors gradually shrugging off his strong tariff rhetoric as a calculated bargaining ploy."
In equity news, shares in precision instruments supplier Spectris surged as the company said it expects to beat market expectations with its 2024 results.
Sportswear brand Puma plunged after announcing a cost-cutting programme as net profit missed expectations.
Reporting by Frank Prenesti for Sharecast.com
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