Oil stocks and earnings push European stocks higher
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November 10 (Reuters) – European stocks edged up Wednesday to trade near all-time highs, as a surge in oil stocks and strong earnings from companies such as chipmaker Infineon helped counter inflation concerns.
The pan-European STOXX 600 .STOXX rose 0.1% at 0821 GMT, with energy stocks .SXEP up 1.2% after oil prices were boosted by industry data showing US crude inventories fell unexpectedly last week. WHERE
German Infineon IFXGn.DE jumped 1.8% after the company beat quarterly sales estimates as a global semiconductor shortage pushed prices up.
British retailer Marks & Spencer MKS.L jumped 15.9% after beating first half profit guidance and raising its outlook for the year.
Inflation concerns remained as data showed ex-factory prices in China peaked in 26 years last month, rekindling concerns about stagflation and producer profit margins. WHERE
The focus is now on inflation data from Germany, as well as a key US consumer price report due at 13:30 GMT. The US CPI print follows data on producer prices showing that inflation continued to soar last month.
Meanwhile, Adidas ADSGn.DE slipping 5.3% after slashing its 2021 forecast due to supply disruptions and a tough Chinese market after the sportswear company’s earnings beat expectations.
(Reporting by Anisha Sircar in Bangalore; Editing by Subhranshu Sahu)
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