European shares inched up on Monday as investors remained optimistic about U.S. corporate earnings this week, while awaiting more economic data to assess the health of euro zone economies.
beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system.
"Cautious optimism is the Monday motivation mantra, as stronger U.S. corporate news and signs of consumer resilience help to mask ongoing worries about the knock-on effect of higher interest rates," said Susannah Streeter, head of money and markets, Hargreaves Lansdown. Meanwhile, money market participants now see a 64% chance of the Fed hiking its key benchmark rate by 25 basis points in May, according to the CME Group's Fedwatch tool, after last week's mixed U.S. economic data.
Commentary from European Central Bank officials including President Christine Lagarde will be on investors' radar, as will economic data including the euro zone's March inflation, manufacturing and services activity for April, also due later in the week. Having started the year on a strong footing as the energy crisis abated and China's economy reopened from COVID-related lockdowns, European shares retreated after the collapse of two U.S. lenders, a forced rescue of Credit Suisse and uncertainty over interest rate outlook.even if most of its past hikes have yet to feed through to the economy, as rapid price growth was at risk of getting entrenched.
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