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.
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.
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.