June 30, 2014 / 7:10 AM / 3 years ago

European shares inch higher; Philips rallies

PARIS, June 30 (Reuters) - European shares inched higher in early trade on Monday in the last session of the quarter, as investors bet that a raft of U.S. and European macro data due in the week will soothe recent worries over the pace of economic growth.

At 0704 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,371.78 points, steadying after a 1.7 percent slide last week.

Investors will focus on Monday on euro zone inflation data for June, due at 0900 GMT, which should show inflation stuck at 0.5 percent, the ninth consecutive month in the ECB’s “danger zone” of below 1 percent.

Shares in Dutch conglomerate Philips gained 2.6 percent after saying it will merge its Lumileds LED components and automotive lighting divisions into a standalone subsidiary which could potentially be spun off. (Reporting by Blaise Robinson)

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