European Shares Mostly Higher Ahead Of US Inflation Data

European stocks were mostly higher on Thursday ahead of U.S. CPI data that might offer clues on whether the Fed pauses, pivots or marches upwards with rates.

Markets are positioning for a slight increase in the headline rate but a decline in the core rate of inflation.

The pan European STOXX 600 rose half a percent to 462.73 after rising 0.4 percent on Wednesday.

The German DAX gained half a percent and France’s CAC 40 climbed 1 percent while the U.K.’s FTSE 100 was marginally lower.

Denmark’s Novo Nordisk, which makes blockbuster drug Wegovy, fell 1.8 percent after extending supply restrictions for some doses of the weight-loss drug.

Zurich Insurance gained 2.5 percent after the Swiss firm delivered strong results in the first six months of the year.

Germany’s Allianz climbed 3.3 percent after it posted a better-than-expected 18 percent rise in second-quarter net profit.

Engineering group Siemens plunged 5.4 percent after missing profit forecasts in its latest quarter.

Industrial conglomerate Thyssenkrupp rallied 3.9 percent after saying it was now targeting the upper end of its operating profit outlook range in 2023.

Hapag Lloyd fell nearly 3 percent. The container shipper posted a 67 percent fall in first-half profit.

Biopharmaceutical group MorphoSys dropped 1 percent after it revealed a loss for the second quarter.

China-related luxury makers were rising after China announced it would allow group tours to 12 more locations across Asia.

This is the first time in six years that China is allowing group tours to South Korea, having banned such tours in 2017 in response to the deployment of the Terminal High Altitude Area Défense system in South Korea.

LVMH and Hermes both jumped over 2 percent in Paris while Swiss luxury group Richemont advanced 1.3 percent.

Property investor and developer Derwent London was little changed in London after it swung to a pre-tax loss in the first half on higher costs but backed guidance.

Gambling firm Entain lost 2 percent after it swung to a pre-tax loss of GBP502.5 million, from profit of GBP28.1 million.

Housebuilder Persimmon rallied nearly 4 percent after it forecast annual profit in line with expectations.

Mining giant Antofagasta added 1.2 percent after reporting decent first-half growth and raising shareholder payouts.

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