European stocks climbed on Wednesday as investors awaited the release of U.S. CPI data for March and the Fed’s March meeting minutes later in the day for additional clues on when the U.S. central bank will start lowering interest rates.
According to consensus estimate, annual headline U.S. consumer inflation is expected to come in at 3.4 percent in March, up from 3.2 percent in February.
Thursday’s European Central Bank meeting also remained in focus, though no change in policy is expected.
The pan European STOXX 600 rose 0.6 percent to 508.89 after declining 0.6 percent on Tuesday.
The German DAX added 0.7 percent, France’s CAC 40 rose half a percent and the U.K.’s FTSE 100 was up 0.6 percent.
Tech stocks traded higher following positive results from Taiwan semiconductor group TSMC, the world’s largest contract chipmaker.
Infineon Technologies rallied 2.2 percent, ASML Holding climbed 1.7 percent and STMicroelectronics jumped 1.5 percent.
Barry Callebaut AG, a Swiss chocolate and cocoa products maker, soared almost 9 percent after posting higher first-half revenue and backing annual outlook.
Roche rose about half a percent after it received CE Mark approval for the VENTANA HER2 (4B5) Rabbit Monoclonal Primary Antibody RxDx.
Philips advanced 2.6 percent after the Dutch conglomerate reached an agreement with the U.S. government on a consent decree primarily focusing on the Respironics business operations.
Tesco shares rose 1.2 percent in London. The supermarket group forecast a further increase in profit in its new financial year after posting an 11 percent jump in profit in 2023/24.
Mining giant Rio Tinto added 1.6 percent as commodity prices advanced on signs of an improvement in global manufacturing activity.
Anglo American gained about 1 percent, Antofagasta rose 1.5 percent and Glencore inched up 0.7 percent.
Beauty e-tail giant and e-commerce tech specialist THG fell 2.7 percent after a revenue dip driven by “action to discontinue loss making categories”.
Business News
European Shares Climb As Investors Seek Clues On Fed Rate Cuts
2024-04-10 09:42:52
