European shares gain ahead of key U.S. inflation data
2023.07.12 05:10
© Reuters. FILE PHOTO: The German share price index DAX board is pictured at Frankfurt’s stock exchange in Frankfurt, Germany January 7, 2016. REUTERS/Kai Pfaffenbach
(Reuters) – European shares edged higher on Wednesday in the run-up to the release of key U.S. inflation data which will determine whether the Federal Reserve is nearing the end of its monetary policy tightening.
The pan-European index was up 0.3% by 7:07 GMT.
The U.S. data, scheduled to be released at 1230 GMT, is expected to show the consumer price (CPI) index moderated to 3.1% year-on-year in June after May’s 4% rise.
A sharp slowdown in inflation could fuel bets that the Fed might end its market-punishing rate hikes after July.
Technology stocks were the top gainers among European sectors as shares of semiconductor firms, including ASML Holding (AS:) (NASDAQ:) and Infineon (ETR:)(OTC:), rose between 0.8% and 2.2% after Jefferies raised its price target on the stocks.
Among individual stocks, Norway’s largest bank DNB (OL:) (OTC:) opened 1.1% lower even as its second-quarter profit topped expectations, helped by a robust economy and higher interest rates.
