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European stocks struggled for direction on Wednesday as a relentless surge in commodity prices fueled worries about inflation spiraling out of control.<\/p>\n
The downside, however, remained limited as expectations for Fed tightening pulled back somewhat after weak U.S. factory production data.<\/p>\n
Two-year Treasury yields retreated sharply overnight, signaling a scaling back of bets for Fed rate hikes.<\/p>\n
The pan European Stoxx 600 was up 0.1 percent at 469.17 after rising 0.3 percent in the previous session. <\/p>\n
The German DAX edged up 0.2 percent, while France’s CAC 40 index slipped 0.1 percent and the U.K.’s FTSE 100 was marginally lower. <\/p>\n
ASML Holding shares declined 1.6 percent. The Dutch chip equipment maker reported third-quarter revenue that fell short of expectations. <\/p>\n
Paints and coatings maker Akzo Nobel gave up 1.5 percent after reporting a fall in third-quarter net profit. <\/p>\n
Nestl\u00e9 rallied 3.5 percent as the Swiss food giant reported higher sales for the first nine months of the year and lifted its full-year guidance for organic sales growth. <\/p>\n
Luxury goods group Kering fell nearly 4 percent in Paris amid signs of slowing growth at Gucci, its biggest brand.<\/p>\n
Mining giant BHP dropped nearly 2 percent in London after raising its offer for Canadian nickel explorer Noront Resources by $128 million.<\/p>\n
Antofagasta slumped 4.4 percent after the mining group reported weak copper production for the third quarter and forecast lower output for next year.<\/p>\n
Food delivery company Deliveroo jumped 4 percent after upgrading its full-year forecast.<\/p>\n
In economic releases, German producer prices increased 14.2 percent year-on-year in September after rising 12 percent in August, Destatis reported. Prices were expected to gain 12.7 percent.<\/p>\n
This was the highest growth since October 1974, when prices surged 14.5 percent amid the first oil crisis.<\/p>\n
U.K. consumer price inflation slowed slightly to 3.1 percent from 3.2 percent in August, official data showed while economists had forecast the rate to remain unchanged at 3.2 percent.<\/p>\n
The euro area current account surplus fell to EUR 13 billion in August from EUR 23 billion in July, the European Central Bank said. <\/p>\n
Eurostat’s final CPI reading for September came in at 3.4 percent on a yearly basis, in line with the flash estimate of 3.4 percent and 3.4 percent expected. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n