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Oil stocks, earnings drive European stocks higher -Breaking

by Mike Robinson

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© Reuters. The German share price graph DAX can be seen at Frankfurt’s stock exchange on November 9, 2021. REUTERS/Staff

(Reuters). European stocks rose Wednesday as a result of a surge in oil stocks, strong earnings by companies like Infineon (OTC) and a decrease in inflation fears.

Pan-European was up 0.1% at 0821 GMT. Energy stocks were up 1.2% following an unexpected fall in stocks last week, which was bolstered by oil prices. [O/R]

Infineon Germany rose 1.8% following quarterly sales beats. This was due to a shortage of semiconductors worldwide, which drove prices up.

British retailer Marks & Spencer (OTC:) surged 15.9% after beating forecasts for first-half profit and raising its full-year outlook.

As data revealed that China’s factory gate price reached a 26 year high in October, there were still concerns about inflation. This rekindled fears around the possibility of stagflation as well as profit margins. [O/R]

The focus now shifts to Germany’s inflation data and a U.S. key consumer price report at 1330 GMT. This follows producer price data that showed inflation was still high last month.

Adidas (OTC) fell 5.3% in the meantime after reducing its 2021 forecasts because of sourcing disruptions, and China’s challenging market following Adidas’s disappointing results.

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