Oil stocks, earnings drive European stocks higher

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The German stock price index DAX graph is pictured on the November 9, 2021, stock exchange in Frankfurt, Germany. REUTERS/Staff
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(Businesshala) – European shares edged higher to trade near all-time peaks on Wednesday as a jump in oil prices and strong earnings from companies including chipmaker Infineon helped counter inflation concerns.

The pan-European STOXX 600 rose 0.1% by 0.821 GMT, with energy stocks up 1.2%, as US crude stocks unexpectedly tumbled last week from industry data. [O/R]

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Germany’s Infineon jumped 1.8% after the company beat quarterly sales estimates as global semiconductor shortages pushed prices higher.

British retailer Marks & Spencer added 15.9% after beating first-half profit forecasts and raising its full-year outlook.

Concerns about inflation remain as data showed China’s factory gate prices hit a 26-year high last month, raising concerns about inflation and profit margins for producers. [O/R]

The focus is now on inflation data for Germany, as well as a key US consumer price report at 1330 GMT. The US CPI comes on the heels of print producer price data showing inflation was heating up last month.

Meanwhile, Adidas skidded 5.3% after exceeding its 2021 forecasts due to sourcing disruptions and a challenging China market after the sportswear company missed expectations for results.

Reporting by Anisha Sarkar in Bengaluru; Editing by Subhranshu Sahu

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