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European stocks were moving higher on Wednesday as inflation fears eased and investors cheered strong earnings updates from the likes of SAP and LVMH Moet Hennessey.<\/p>\n
Benchmark U.S. Treasury yields extended their decline to mark a fresh three-week low after data showed U.S. inflation was not rising too fast as had been feared.<\/p>\n
The pan European Stoxx 600 rose 0.2 percent to 436.70 after closing 0.1 percent higher in the previous session. <\/p>\n
The German DAX was marginally higher, France’s CAC 40 index gained half a percent and the U.K.’s FTSE 100 was up 0.3 percent. <\/p>\n
Commodity trader Glencore advanced 2.8 percent after Goldman Sachs upgraded the stock to “buy”.<\/p>\n
Drug maker AstraZeneca gained 0.8 percent after China’s health<\/span> regulator approved Tagrisso, its lung cancer treatment, as adjuvant treatment for patients with early-stage lung cancer.<\/p>\n easyJet shares jumped 3 percent. The low-cost airline expressed optimism that European travel markets<\/span> will revive this summer.<\/p>\n Tesco lost about 3 percent after the grocery chain reported a fall in full-year pretax profit.<\/p>\n LVMH Moet Hennessey shares rose more than 3 percent. The luxury goods company reported consensus-beating first-quarter sales driven by strong performance by flagship brands. Shares of Compagnie Financiere Richemont added 2.8 percent. <\/p>\n Business software maker SAP surged 5.1 percent after lifting its full-year guidance, citing a sharp rise in new cloud business<\/span>.<\/p>\n Similarly, plastics group Covestro AG rallied 2 percent after raising its earnings and operating cash flow guidance for 2021.<\/p>\n Credit Suisse shares were down 0.9 percent. The Swiss banking giant has flagged around $2.3 billion in problematic loans in its Greensill Capital funds.<\/p>\n In economic releases, Eurozone industrial output declined 1.0 percent month-on-month in February and fell 1.6 percent compared to February 2020, Eurostat said. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n