European stocks traded higher on Wednesday as investors digested key Eurozone data and looked forward to the release of U.S. CPI data later in the day for additional clues on the interest-rate outlook.
The pan European STOXX 600 was up 0.4 percent at 503.62, trading near a two-week high after Eurostat reported that the euro area economy grew by 0.3 percent in the three months to June of 2024, bringing no changes to the initial estimate.
However, Eurozone industrial production declined by 0.1 percent month-on-month in June, much worse than expectations for a 0.4 percent rise.
Elsewhere, the British pound weakened against other major currencies after data showed that the U.K. inflation turned softer than anticipated in July.
Data from the Office for National Statistics showed that the U.K. consumer price index moved up 2.2 percent in July from a year ago, following Junes 2.0 percent increase.
Inflation accelerated for the first time since last December but was slightly slower than the expected 2.3 percent, helping spur expectations among traders about further interest-rate cuts by the Bank of England (BoE).
The German DAX rose 0.4 percent, Frances CAC 40 climbed 0.7 percent and the U.K.s FTSE 100 was up half a percent.
In corporate news, UBS shares gained 3 percent. The Swiss bank reported a $1.1 billion net profit last quarter, about double what analysts expected.
Straumann Holding soared 13 percent. The dental implant maker raised its guidance for 2024 and also announced the sale of its DrSmile aligner business.
Flutter Entertainment shares Jumped 8.7 percent in London after the worlds largest online betting firm reported better-than-expected second-quarter results and raised its full-year outlook.
Infrastructure company Balfour Beatty tumbled 3.5 percent despite reporting higher earnings for the first half.
Insurer Aviva dropped 1 percent despite posting a better-than-expected 14 percent rise in first-half operating profit.
Rheinmetall AG, a German automotive and arms manufacturer, rose 2 percent after it signed an agreement to acquire all equity interests in Loc Performance Products, LLC, a renowned vehicle specialist based in Plymouth, Michigan, for an enterprise value of US$950 million.
Tour operator TUI Group added 2.4 percent after beating third-quarter operating profit expectations.
ThyssenKrupp tumbled 3.5 percent. The steelmaker swung to a net loss in the third quarter and cut its profit forecast for the third time this year.
Energy group RWE declined 1 percent as earnings fell by nearly a third in the first half of 2024 compared to a year ago.
E.ON dropped 1 percent after reporting dips in revenue and profits in the second quarter.