European stocks close higher after US inflation data

Wednesday, August 10, 2022 - 19:01
Point Trader Group
European stocks close higher after US inflation data

European stock indices rose at the close of trading on Wednesday, following the release of inflation data in the United States, which showed a slowdown in the acceleration of inflation.

Retail shares in the European market rose by 3%, leading the majority of sectors towards trading in the green zone.

The consumer price index in America rose by 8.5% on an annual basis during July, which shows a slowdown from the inflation reading in June, which recorded a rise of 9.1% on an annual basis.

The slowdown in inflation growth in America gives a signal to the Federal Reserve regarding its monetary policy at the next September meeting.

In terms of economic data in Europe, German consumer price inflation recorded 7.5% y/y in July and 0.9% m/m.

At the close of the session, the Stoxx Europe index rose 0.89% or 3.80 points to 439.88 points.

The British FTSE 100 rose 0.25% or 18.96 points to 7509.11 points, and the French CAC 40 rose 0.52% or 33.44 points to 6523.44 points, while the German DAX rose 1.23% to 165.96 points to 13700.93 points.

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