European Shares Extend Gains As Inflation Worries Fade

(RTTNews) - European stocks edged higher on Wednesday as softer inflation data eased worries about the Fed's rate trajectory and China reported strong industrial output and retail sales data for October.

U.K. stocks were outperforming after official data showed U.K. consumer price inflation eased sharply to a two-year low in October.

Consumer prices grew 4.6 percent year-on-year in October, slower than the 6.7 percent rise in the previous month, the Office for National Statistics (ONS) reported.

Elsewhere, consumer inflation data from France and wholesale price figures from Germany also added to recent signs of moderating price pressures.

The pan European STOXX 600 was up 0.7 percent at 455.75 after gaining 1.3 percent on Tuesday.

The German DAX rose half a percent, France's CAC 40 added 0.6 percent and the U.K.'s FTSE 100 was up 1 percent.

Swiss eye-care company Alcon plummeted 6 percent after its Q3 sales missed estimates. Higher metal prices boosted miners, with Anglo American, Antofagasta and Glencore gaining 2-3 percent.

Experian soared 5.5 percent after the credit data firm reported an increase in half-yearly profit.

Tullow Oil jumped 3.5 percent after raising its 2023 cashflow outlook.

Alstom shares plunged more than 11 percent. The French train manufacturer plans simplification of operational setup, including around 1,500 job cuts, representing close to 10 percent of total S&A positions.

Infineon Technologies rallied 6.6 percent. The German semiconductor company proposed higher demand after posting increased earnings for the fourth quarter.

Energy technology company Siemens Energy jumped nearly 6 percent after securing 7.5 billion euros ($8.15 billion) in project-related state guarantees from the German government.