Oil stocks, earnings drive European stocks higher – Reuters

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 9, 2021. REUTERS/Staff

Nov 10 (Reuters) – European stocks inched higher on Wednesday to trade near all-time peaks, as a jump in oil stocks and strong earnings from companies including chipmaker Infineon helped counter inflation worries.

The pan-European STOXX 600 (.STOXX) rose 0.1% by 0821 GMT, with energy stocks (.SXEP) up 1.2% after oil prices were boosted by industry data showing U.S. crude stocks unexpectedly fell last week.

Germany’s Infineon (IFXGn.DE) jumped 1.8% after the company beat quarterly sales estimates as a global semiconductor shortage drove prices higher. read more

British retailer Marks & Spencer (MKS.L) 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. read more

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. read more

Meanwhile, Adidas (ADSGn.DE) 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. read more

Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu

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