European markets maintained positive momentum on Wednesday, trading higher after euro zone inflation rose unexpectedly.
The Stoxx 600 index was up 0.83% at 1:32 p.m. London time, with technology stocks jumping 2.74% following the sector’s mixed performance on Wall Street on Tuesday. Dutch chip firm ASML led the charge, rising as much as 10% after a Reuters report suggested that the company could be exempted from expanded export restrictions on chipmaking gear to China.
Headline price rises in the 20-nation euro zone rose to 2.6% in July from 2.5% in June, the European Union’s statistics agency said Wednesday. Economists polled by Reuters expected the rate to hold steady.
It comes after second-quarter gross domestic product for the euro zone came in at 0.3% on Tuesday, slightly higher than expected.
Corporate earnings also remain in focus. HSBC shares rose 2% after the bank recorded a narrow decline in pretax profit in the first half of the year but nonetheless outperformed analyst expectations, also announcing a $3 billion share buyback.
Sportwear giant Adidas
nudged higher after posting 19% quarterly growth in European sales, though the decline of its Kanye West-founded Yeezy line pulled down North America’s performance. Deutsche Bank Research analyst Adam Cochrane said the main new detail versus Adidas’s prior trading statement was the regional breakdown, which revealed “impressive” 9% growth in China.
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