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The pan-European STOXX 600 rose 0.1% by 0821 GMT, with energy stocks up 1.2% after oil prices were boosted by industry data showing U.S. crude stocks unexpectedly fell last week. [O/R]
Germany’s Infineon jumped 1.8% after the company beat quarterly sales estimates as a global semiconductor shortage drove prices higher.
British retailer Marks & Spencer (OTC:MAKSY) surged 15.9% after beating forecasts for first-half profit and raising its full-year outlook.
Concerns about inflation remained as data showed China’s factory gate prices hit a 26-year high last month, rekindling worries around stagflation and profit margins for producers. [O/R]
Focus is now on Germany’s inflation data, as well as a key U.S. consumer prices report due at 1330 GMT. The U.S. CPI print comes on the heels of producer prices data showing inflation continued to run hot last month.
Meanwhile, Adidas (OTC:ADDYY) skid 5.3% after paring its 2021 forecasts due to sourcing disruptions and a challenging China market after the sportswear company’s results missed expectations.
