European shares rise ahead of eurozone, U.S. inflation report

March 31 (Reuters) – European shares rose on Friday, the last trading session of a turbulent March, as investors awaited U.S. and eurozone inflation reports for more clues on global interest rate moves amid receding fears of a banking crisis.

The pan-European STOXX 600 index (.STOXX) rose 0.2% by 0707 GMT, headed for a second-straight quarterly gain. However, it is on track to end the month slightly lower.

Investors will closely monitor flash estimates of euro zone inflation data, which is expected to show a moderation in consumer price growth in March on a yearly basis.

Among sectors, retail (.SXRP) and basic resources (.SXPP) continued to maintain a solid momentum, rising 0.7% and 0.8%, respectively.

Swiss engineering company ABB (ABBN.S) edged up 0.8% as it said it will launch its new $1 billion share buyback on April 3 with the intention to buy up to 30 million of its shares.

Reporting by Shubham Batra in Bengaluru; Editing by Janane Venkatraman

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