Europe open: Shares edge higher ahead of German data, Fed; H&M slumps

(Sharecast News) - European stocks opened slightly higher on Wednesday as markets looked ahead to more data from Germany and the latest in interest rate decision from the US Federal Reserve, while shares in H&M fell sharply after the shock departure of the company's chief executive. The pan-regional Stoxx 600 index was 0.07% higher in early deals with Continental bourses mixed.

German employment and inflation numbers are due this morning, while eyes are also on the Fed later in the day.

In economic news, China factory activity contracted again in January, for the fourth successive month, according to official PMI survey data.

In equity news, Novo Nordisk shares gained after the Danish company beat earnings expectations amid soaring demand for weight loss drug Wegovy and diabetes drug Ozempic.

H&M meanwhile plunged 7.4% as it made a surprise announcement of a new CEO and missed an operating profit forecast.

Shares in Swiss pharmaceutical firm Novartis fell despite the company reporting 10% growth in net sales and 18% higher core operating income. However, core net income missed expectations.

Reporting by Frank Prenesti for Sharecast.com