European stock markets

European stock markets rise attentive to inflation data from Germany

European stocks extended gains on Tuesday as investors awaited consumer price data from Germany, the region’s biggest economy, for clues about euro zone inflation.

The pan-European STOXX 600 index was up 0.5% at 0810 GMT, supported by financials and non-core consumer stocks.

Investors were focused on German CPI data, due to be released at 1300 GMT, which could offer further clues as to whether cost pressures in the euro area have eased following the Bank’s aggressive monetary tightening path. European Central.

German consumer prices, harmonized for comparison with other European Union countries, are expected to have risen 10.7% year-on-year in December in the preliminary reading, up from 11.3% in November.

French Prime Minister Elisabeth Borne stated that inflation is expected to peak in early 2023, before falling back.

European shares closed their first session of the year up 1.6% on Monday, after euro zone manufacturing data suggested the worst was over, as supply chains begin to recover and inflationary pressures ease.

The British FTSE 100 index, closed since the reduced session on Friday, rose 1.1% in its first session of the year.

Brenntag was up 5.0%, after the German chemicals distributor revealed it had ended talks with its US competitor Univar Solutions over a possible acquisition.

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