August8 , 2022

European stocks uncertain as investors track earnings, monetary policy

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LONDON — European stocks nudged higher Wednesday, after a rally in U.S. stocks buoyed sentiment in Asia-Pacific markets overnight.

The pan-European Stoxx 600 was up 0.2% by mid-morning, halving opening gains. Oil and gas stocks added 0.6% while autos fell 0.5%.

The cautiously higher trade for European markets comes after a choppy session on Tuesday as the relief rally seen in the previous two sessions lost some momentum.

U.S. stocks rallied Tuesday, however, with the market resuming a bounce from last month’s lows, as traders bet on strong corporate earnings reports and wagered that markets have found a bottom.

Shares in the Asia-Pacific jumped Wednesday after the sharp bounce in U.S. stocks overnight.

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The consumer price index rose 9.4% annually, according to estimates out Wednesday, slightly above a consensus forecast among economists polled by Reuters and up from 9.1% in May.

Earnings came from AkzoNobel and ASML before the bell.

Uniper was the biggest climber in early trade, the German energy giant’s shares adding more than 10% amid bailout talks with the government.

At the bottom of the Stoxx 600, Royal Mail shares fell more than 5% after a downbeat trading update.

— CNBC’s Abigail Ng contributed to this story.

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