European stocks ticked higher on Tuesday, after having fallen for the first time in three days the previous day due to uncertainty about the outlook for interest rates.
There was some cheer on the economic front, with German inflation easing in February as initially expected.
Elsewhere, weak U.K. employment and wage growth data spurred hopes of rate cuts.
Investors await key U.S. inflation data later in the day for clues on when the Federal Reserve will begin cutting rates.
The pan European STOXX 600 was up 0.3 percent at 503.21 after declining 0.4 percent on Monday.
The German DAX edged up 0.2 percent, France’s CAC 40 was marginally higher and the U.K.’s FTSE 100 jumped 0.8 percent.
The British pound fell against rivals after data showed Britain’s unemployment rate rose for the first time since July and wage growth eased, adding to evidence of a cooling labor market.
In corporate news, Generali shares rose about 1 percent after the Italian lender posted its best profit ever in 2023.
Energy stocks traded higher, with BP Plc rising 1.3 percent and Shell adding 0.8 percent as oil prices rose amid heightened geopolitical tensions in the Middle East.
Infrastructure products and services provider Hill & Smith jumped 3.6 percent after reporting record annual results.
Housebuilder Persimmon tumbled 3.7 percent after it narrowly missed market views for last year’s pretax profit and revenue.
Oracle shares jumped 6 percent in Frankfurt after the U.S. company posted better-than-expected quarterly earnings.
Porsche added about 1 percent, reversing an early slide after the luxury carmaker said it expects lower returns in 2024.
Chemical company Wacker Chemie AG soared nearly 7 percent despite forecasting a slight decline in 2024 sales and earnings.
Business News
European Shares Gain With UK Employment And US Inflation Data In Focus
2024-03-12 09:41:09
