European Shares Inch Higher As UK Inflation Unexpectedly Holds Steady

(RTTNews) - European stocks were flat to slightly higher on Wednesday as investors digested mixed earnings updates and weaker-than-expected U.K. inflation data.

The U.K. consumer price index advanced 4.0 percent on a yearly basis, the same rate as seen in December, according to data from the Office for National Statistics. The rate was forecast to rise to 4.1 percent.

Month-on-month, the CPI fell 0.6 percent, in contrast to the 0.4 percent increase in the previous month. Economists had forecast a 0.3 percent drop.

The pan European STOXX 600 was up 0.3 percent, at 484.06 after losing 1 percent on Tuesday.

The German DAX was marginally higher, France's CAC 40 rose 0.3 percent and the U.K.'s FTSE 100 added 0.6 percent.

ABN AMRO soared 5.8 percent. The Dutch lender unveiled a fresh share buyback after reporting fourth-quarter net interest income slightly above expectations.

Brewer Heineken slumped 4.8 percent after forecasting that 2024 profit could fall significantly below analyst estimates.

Miners slipped, with Anglo American falling 3.6 percent and Glencore losing 1.1 percent.

Bottler Coca-Cola jumped 5 percent after posting record annual profit and lifting dividend.

Dunelm Group fell 1.4 percent. The home furnishings retailer flagged slower pace of margin growth after delivering strong performance in its interim results for the 26 weeks to 30 December.

Capgemini shares jumped 4.2 percent. The French IT consulting group reported solid results in 2023 despite the weak economic environment.

German industrial services provider Bilfinger rallied 9.5 percent after bagging a large-scale maintenance contract from INEOS for the Forties Pipeline System.

Thyssenkrupp shares plummeted 8 percent after the engineering and steel conglomerate cut its full-year sales and profit targets, citing weakening demand and impairment losses in its fiscal first quarter.

Delivery Hero soared 5 percent. The online food company said it expects its organic cash flow generation to be more than sufficient to settle bond and debt maturities.