European Shares Reverse Early Losses On Inflation Data

European stocks were mostly higher on Thursday, reversing initial losses after final Eurostat data showed Eurozone’s Inflation surged 8.9 percent year-on-year in July, matching estimates.

U.S. weekly jobless claims for the week ended August 13 and existing home sales data are due out in the New York session.

Euro zone government bond yields rose after ECB board member Isabel Schnabel said consumer prices could still accelerate in the short term, suggesting she favors another large interest-rate hike next month.

The pan European Stoxx 600 was marginally higher at 439.19, reversing an early slide.

The German DAX rose 0.4 percent and France’s CAC 40 index edged up 0.3 percent and the U.K.’s FTSE 100 was down 0.1 percent.

Dutch payments group Adyen plunged 11.5 percent after reporting deteriorating margins in the second quarter.

Rank Group shares fell 2.3 percent. The British gambling company warned of difficult times after reporting a turnaround to profit for the fiscal 2022.

Marshalls lost 2.8 percent. The specialist landscape products group reported that its first-half profit before tax declined to 23.9 million pounds from last year’s 38.9 million pounds.

Miner Anglo American declined 2.6 percent on going ex-dividend. plunged 10 percent. The struggling online furniture retailer confirmed that it is considering a potential equity capital raise.

HELLA GmbH & Co. KgaA shares rallied 2.1 percent. The German automotive part supplier posted a decline in earnings for the fiscal 2021-22 but achieved record order intake.

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