European shares rise as UK, German inflation data bolster rate cut bets
economictimes.indiatimes.comEuropean shares gained on Wednesday on rising bets of interest rate cuts following softer inflation data from the UK and Germany, while a rise in commodity prices lifted resource stocks.
The pan-European STOXX 600 was up 0.3% by 0818 GMT, with energy and telecom sectors leading gains.
Data showed German producer prices fell more than expected in November, while British inflation dropped way more than expected last month, with the headline rate falling to its September 2021 lows, strengthening the case for rate cuts.
The German DAX was up 0.2%, while the UK's FTSE 100 jumped 1.3%.
Energy shares rose 1.1%, while basic resources stocks gained 0.4% on higher prices of most commodities.
Telefonica jumped 6.3% as the Spanish government is set to acquire around 10% stake in the telecoms giant. The broader sector was up 1%.
Deutsche Post lost 1.3% after U.S.
peer FedEx cut its full-year revenue forecast and reported lower-than-expected quarterly profit.
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