European stocks close mixed; euro zone inflation, corporate earnings in focus By Investing.com
Investing.com – European equity markets closed mixed on Tuesday as investors digested key euro zone inflation data as well as more corporate earnings.
At 11:15 ET (16:15 GMT), they had gained 0.6% in Germany and France, while they were down 0.2% in the UK.
Consumer inflation in the Eurozone is rising
December was mostly in line with expectations, rising 2.4% in December on an annual basis, from 2.2% in November.
This is the latest inflation data before the European Central Bank’s next meeting on January 30, and investors currently expect the ECB to cut interest rates by around 100 basis points in the first half of 2025.
Following raises year-round guidelines
In corporate news, shares in Next PLC ( LON: ) rose almost 4% after the British clothing retailer raised its full-year profit guidance, expecting to generate a profit of £1 billion for the first time this year, posting an unexpectedly strong foreign sales during the holiday period.
Volvo ( OTC: ) Auto ( ST: ) stock rose 9% despite posting a 3% decline in overall sales in December, as the number of electrified cars, including all-electric and plug-in hybrids, rose 20% year over year in December.
Shares of French food caterer Sodexo ( EPA: ) fell more than 7.5% after the French food caterer reported a nearly 5% rise in its organic revenue in the first quarter, which was not expected by the market as strong growth in India, Brazil and Australia neutralized by reduced activity in continental Europe.
Raw slides lower
Oil prices rose on Tuesday, continuing last week’s optimism about more political support to revive economic growth in China, the world’s biggest crude importer.
By 11:15 a.m. ET, U.S. crude oil (WTI) futures were up over 1% at $74.3 a barrel, while they were also up over 1% at $77.07 a barrel.
Both benchmarks fell on Monday after rising for five straight days last week before holding on to their highest levels since October on Friday.
