Market Analysis

European shares remained subdued on Tuesday as investors awaited key U.S. inflation data and remarks from Federal Reserve Chair Jerome Powell, both due later in the day. Meanwhile, Delivery Hero surged following the sale of its Taiwan foodpanda business to Uber.

The pan-European STOXX 600 index (.STOXX) was unchanged as of 0717 GMT.

On the agenda for the day are U.S. producer price inflation data and Powell's remarks, which come ahead of the crucial consumer price inflation data set to be released on Wednesday. Investors are keen to gauge the Federal Reserve's outlook on interest rate cuts.

Shares of Delivery Hero (DHER.DE) jumped 20% after Uber (UBER.N) announced a $1.25 billion deal to acquire its foodpanda business in Taiwan and purchase new shares in the German company.

Swiss eye-care group Alcon (ALCC.S) saw its shares rise 9% following strong first-quarter earnings, while hearing aid maker Sonova Holding (SOON.S) climbed 6% after projecting accelerated growth for 2024.

Conversely, Rheinmetall (RHMG.DE) fell 5.5% after the German arms manufacturer missed first-quarter sales and profit expectations.

German chemicals distributor Brenntag (BNRGn.DE) dropped 7.8% after lowering its full-year earnings forecast and missing first-quarter operating EBITA estimates.

Paraphrasing text from "Reuters" all rights reserved by the original author.