European stock markets on the rise, fueled by energy and technology companies

European stock markets opened on Wednesday, following the US and Asian markets. The market is being boosted by energy and technology companies, the latter of which, in particular, have declined due to higher interest rate expectations at the beginning of the year.

In Frankfurt, the DAX index was up 0.6%, in London the FTSE 100 was up 0.7% and in Paris the CAC 40 was up 0.5%.

The Stoxx Europe 600 Index, which tracks broad European equities, rose 0.5 percent.

Of the sectors, only health care was declining. The sector is declining by a health technology company Royal Philips, whose sales have been weaker than expected after being unable to supply equipment to its customers due to supply chain problems. The company’s share was down more than ten percent.

The strongest increase was in the new media company S4 Capital, which improved EBITDA.

In the energy sector, the shares of all Stoxx 600 companies are rising. The price of Brent oil has risen above 80 euros after falling below $ 70 in November.

Yesterday, the Fed’s CEO Jerome Powell said the U.S. economy is so healthy that the central bank needs to tighten its monetary policy.

Today, the market will receive more information about the development of inflation when the US consumer price index for the month of December is reported. According to the Bloomberg analyst consensus, annual inflation is forecast to rise to 7% and monthly to 0.4%. The corresponding realized figures in November were 6.8 per cent and 0.8 per cent.

Excluding energy and food prices, core inflation is expected to be 5.4 per cent on an annual basis and 0.5 per cent on a monthly basis. In November, core inflation figures were 4.9 per cent year-on-year and 0.5 per cent month-on-month.

Source: Arvopaperi by

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