European stocks rose on Tuesday as investors awaited the next U.S. inflation reading on Wednesday and the Federal Reserve’s comments. The pan-European Stoxx 600 had gained 0.9 percent by noon, recouping most of Monday’s 1.3 percent loss. As most sectors and major bourses entered positive territory, tech stocks gained 2% lead gains.
Individual share price movement was 8.8 percent for Swedish cloud computing firm Sinch. It happened after Goldman Sachs initiated coverage of the company’s stock with a “buy” rating.
TechnipFMC fell 6.2 percent to the bottom of the European blue-chip index after announcing the sale of 9 million shares of Technip Energies through private transactions. Global markets are anticipating the release of the latest U.S. inflation data this week.
Consumer prices in Europe and the United States have risen in recent months. According to data released last Friday, inflation in the eurozone reached a new high in December,. It hit 5% compared to the previous year’s same month.
On Tuesday, Asia-Pacific markets were mixed. Investors remained concerned about inflation and the likelihood of policy tightening by central banks such as the United States Federal Reserve.
Global investors will also be looking for clues from Fed officials about the timing of interest rate hikes; Moreover, Federal Reserve Chairman Jerome Powell’s confirmation hearing is on Tuesday.
U.S. futures were slightly higher in early premarket trade on Tuesday after the major averages extended losses on Monday, except the Nasdaq, which managed to snap a four-day losing streak.