European shares were broadly flat on Monday ahead of data that is expected to show euro zone inflation eased in July, likely supporting the view that the European Central Bank will hold off from hiking interest rates again next month.
Investors appeared to remain on the sidelines ahead of the euro area inflation data, which is expected to show that price growth eased to 5.3% in July from 5.5% a year earlier. The inflation report as well as second-quarter GDP data are due at 0900 GMT.
"With the ECB indicating that a pause might be coming when the governing council next meets in September, today's latest flash EU CPI for July could go further in reinforcing that narrative after Friday's slowdown in German inflation," Michael Hewson, chief market analyst at CMC Markets said in a note.
"We've heard several ECB policymakers expressing increasing caution over the growth outlook, which appears to be tempering enthusiasm for more aggressive rate action."raised rates for the ninth successive time last week, but left the door open to a pause in September as inflation pressures show tentative signs of easing and recession worries mount.
Signs of easing inflation in the United States and Germany, some upbeat earnings and hopes that the Federal Reserve and the ECB are near the end of their tightening cycle have spurred a rally in markets in the recent weeks.
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