Oil stocks and earnings push European stocks higher

For a live Reuters blog on the US, UK and EU stock markets, click LIVE / or type LIVE / in a news window

November 10 (Reuters)European stocks edged up Wednesday to trade near all-time highs, as a surge in oil stocks and strong earnings from companies such as chipmaker Infineon helped counter inflation concerns.

The pan-European STOXX 600 .STOXX rose 0.1% at 0821 GMT, with energy stocks .SXEP up 1.2% after oil prices were boosted by industry data showing US crude inventories unexpectedly dropped last week. WHERE

Infineon from Germany IFXGn.DE jumped 1.8% after the company beat quarterly sales estimates as a global semiconductor shortage pushed prices up.

British retailer Marks & Spencer MKS.L jumped 15.9% after beating first half profit guidance and raising its outlook for the year.

Inflation concerns remained as data showed Chinese ex-factory prices peaked in 26 years last month, rekindling concerns about stagflation and producer profit margins. WHERE

The focus is now on inflation data from Germany, as well as a key US consumer price report due at 13:30 GMT. The US CPI print follows data on producer prices showing that inflation continued to soar last month.

Meanwhile, Adidas ADSGn.DE slipping 5.3% after slashing its 2021 forecast due to supply disruptions and a tough Chinese market after the sportswear company’s earnings beat expectations.

(Reporting by Anisha Sircar in Bangalore; Editing by Subhranshu Sahu)

(([email protected];))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Source link

Steve R. Hansen

Leave a Reply

Your email address will not be published. Required fields are marked *