European stocks increase as attention is focused on German inflation data

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European shares continued to rise on Tuesday as investors waited for consumer price data from Germany, the region’s biggest economy, for signs on inflation in the euro zone.

At 08:10 GMT, the global STOXX 600 index was up 0.5%, helped by companies in the banking and consumer discretionary sectors.

Investors closely watched German CPI data, which was due to be released at 13:00 GMT and could provide additional clues as to whether cost pressures eased in the euro area following a sharp tightening of monetary policy by the European Central Bank Is.

According to preliminary estimates, German consumer prices, which are consistent with comparisons with other EU member states, are expected to increase by 10.7% year-on-year in December, compared to an 11.3% increase in November.

Inflation is expected to peak in early 2023 before declining, according to French Prime Minister Elisabeth Borne.

As supply chains begin to recover and inflationary pressures ease, eurozone industrial data suggested the worst is over, with European shares closing their first trading day of the year up 1.6% on Monday. Gave.
Britain’s FTSE 100 index rose 1.1% on its first trading day of 2023 after being closed for a brief session on Friday.

German chemicals distributor Brenntag rose 5.0% after announcing the completion of merger talks with smaller US rival Univer Solutions.

 

 

 

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