European stocks close higher as investors weigh inflation, earnings
European stocks closed higher on Thursday as global market players digested the latest U.S. inflation data, which showed persistent price rises
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE | VOLUME |
|---|---|---|---|---|---|---|
| .FTSE | FTSE 100 | *FTSE | 7384.18 | 44.03 | 0.6 | 672658468 |
| .GDAXI | DAX | *DAX | 16083.11 | 15.28 | 0.1 | 56626171 |
| .FCHI | CAC 40 Index | CAC | 7059.55 | 14.39 | 0.2 | 74342882 |
The pan-European Stoxx 600 closed up by 0.3% provisionally, boosted by a 3.7% surge in mining shares. At the opposite end, Europe’s basket of travel and leisure stocks dipped around 1.1%
Traders began the day digesting the latest U.S. inflation data released on Wednesday, which showed that October’s consumer price reading jumped at the hottest annual pace in more than three decades
The consumer price index jumped 6.2% from a year ago, well above the 5.9% estimate from economists polled by Dow Jones. On a monthly basis, the CPI increased 0.9% against the 0.6% estimate
Major indexes on Wall Street fell following the inflation data release while U.S. Treasury yields climbed. The yield on the benchmark 10-year Treasury note last stood at 1.558%. Yields move inversely to prices
Following the CPI data, traders moved up their expectations for when the first Fed rate hike would occur. The Fed funds futures market now sees greater odds of the central bank’s first full rate hike coming in July 2022
On Wall Street, the major averages mostly moved higher, with tech names like Nvidia and AMD rallying. In Asia, stocks closed Thursday’s session mixed
Earnings in Europe on Thursday came from Bilfinger, Delivery Hero, Merck, RWE, Siemens, Aviva, Tate & Lyle and Burberry, among others
Siemens beat sales and profit expectations for the quarter and projected further profitable growth as it expects supply chain bottlenecks to ease in 2022. Shares of the German industry group climbed 2.8%
