Europe open: Shares edge ahead in cautious trade
European stocks crept higher at the open on Wednesday as investors tried to find positive direction against a backdrop of rising global Covid-19 cases.
The pan-regional Stoxx 600 index was up 0.12%, with major bourses struggling to get above the flatline. Sentiment has been tempered in recent days over concerns that increasing outbreaks of the Covid delta variant will stall the economic recovery.
Britain’s FTSE 100 rose 0.06%, after official data showed UK inflation unexpectedly fell to the Bank of England’s 2% target last month. Germany’s DAX and France’s CAC 40 were both flat.
UK consumer price inflation declined to 2% from 2.5% in June below consensus expectations of 2.3%. This marked the first easing inflation since February. Core inflation - which strips out food and energy - fell to 1.8% from 2.3%, coming in below consensus expectations of 2.0%.
In equity news, Danish brewer Carlsberg rose 2.4% after raising full-year earnings guidance and said beer volumes in key markets China and Russia had risen to “well above” pre-pandemic levels.
Swiss medical device maker Alcon jumped almost 10% to top the Stoxx after it lifted its full-year earnings forecast.
Online pharmacy Zur Rose fell despite reporting a rise in second quarter revenues.