2023-07-12 10:23:29
European stocks rose on Wednesday, ahead of the release of US inflation data that will determine whether the US Federal Reserve is close to ending its monetary tightening cycle.
US data, due at 12:30 GMT, is expected to show the consumer price index rose 3.1 percent year-on-year in June, following rising 4 percent in May.
A significant slowdown in inflation would fuel speculation that the Federal Reserve will stop raising interest rates following July.
Some Federal Reserve officials said Monday that the central bank is close to ending monetary tightening, yet more needs to be done to bring down inflation.
Markets see a 92 percent chance that the Federal Reserve will raise interest rates by 25 basis points at its monetary policy meeting on July 25-26, according to CME FedWatch.
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Market movements
The European STOXX 600 index rose 0.82 percent to 455.40 points by 10:05 GMT.
The German DAX index rose 0.81 percent to 15,918.76 points, the French CAC40 index rose 0.72 percent to 7,272.35 points, and the British FTSE100 rose 1.07 percent to 7,360.11 points.
The technology sector recorded the largest gains among the indices in Europe, supported by shares of semiconductor companies, as ASML Holding rose 0.8 percent and “Infineon” 2.2 percent.
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