Stocks in Europe closed higher Wednesday, with the STOXX 50 adding 0.2% and the STOXX 600 rising 0.3%, after inflation in the US came in line with expectations, reinforcing bets the Fed will deliver another 25bps rate cut in the fed funds rate next week. In addition, traders await the ECB monetary policy decision tomorrow, expecting a fourth rate cut and clues on next year's rate policy.
Meanwhile, a batch of corporate updates prevented further gains. Inditex shares tumbled 6.5% following weaker-than-expected third-quarter sales results. SAP was also under pressure, falling about 0.6%. In turn, Siemens Energy pared losses to close 3.6% higher after the CEO of US competitor GE Vernova expressed a cautious outlook for the struggling wind energy sector.
Also, Adidas rebounded from early losses to add 0.8% as German authorities conducted a raid on its headquarters as part of a long-running tax investigation.
Source: Trading Economics
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