European markets buoyant ahead of U.S. inflation data; Stoxx 600 up 1.7%
LONDON — European stocks advanced on Wednesday, tracking global gains as investors await key U.S. inflation data due to be released Thursday
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE | VOLUME |
|---|---|---|---|---|---|---|
| .FTSE | FTSE 100 | *FTSE | 7655.45 | 88.38 | 1.17 | 492723630 |
| .GDAXI | DAX | *DAX | 15497.88 | 255.5 | 1.68 | 57650681 |
| .FCHI | CAC 40 Index | CAC | 7135.25 | 106.84 | 1.52 | 45240992 |
The pan-European Stoxx 600 added 1.7% by mid-afternoon, with autos surging 3.8% to lead gains as all sectors and major bourses traded in positive territory
Earnings were a key driver of individual share price action in Europe on Wednesday. British wool manufacturer Rockwool International soared more than 17% to lead the Stoxx 600 after its fourth-quarter report, while Dutch payment company Adyen jumped 14% after strong second-half results
At the bottom of the European blue chip index, Dutch bank ABN Amro fell more than 7% after its share buyback program underwhelmed traders
It was a busy day for earnings, with L’Oreal, Deutsche Boerse, Siemens Energy, AkzoNobel, Barratt Developments and GSK also reporting
Global investors are awaiting inflation data out Thursday, with the U.S. Labor Department set to release January’s consumer price index figures
The inflation data is expected to show that prices rose 0.4% in January, for a 7.2% gain from one year ago, which would be the highest in almost 40 years. The reading follows a stronger-than-expected January jobs report, which has led to speculation that the Federal Reserve could be more aggressive when it comes to hiking rates
Bank of America said Monday that the Fed could implement seven quarter-percentage-point rate hikes this year
Overnight, shares in Asia-Pacific rose in Wednesday trade, with stocks in Hong Kong leading gains regionally while U.S. stock futures rose slightly in premarket trading as investors prepared for another round of corporate earnings
