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European shares bounce back ahead of inflation data

August 31, 2022By Reuters

European shares edged higher on Wednesday, supported by strong performances in tech stocks following a three-day selloff, with focus on regional inflation figures due later in the session.

The continent-wide STOXX 600 was up 0.4%, snapping three consecutive days of losses. But the index was set for a monthly loss of nearly 4%.

Rate-sensitive tech stocks, down for three straight days on expectations of aggressive interest rate hikes globally, climbed 2.1%.

Among stocks, Italian luxury group Brunello Cucinelli fell 3.9% after posting its half-year results.

Dormakaba Holding slipped 2% after the Swiss security group forecast organic growth slightly above its target range, but added that the outlook applied only to the first half of the 2022/23 financial year.

Gains were also capped as Russia began halting gas flow via a major pipeline to the continent’s largest economy on Wednesday.

Focus in now on euro zone inflation reading for August due at 0900 GMT.

(Reporting by Anisha Sircar in Bengaluru; Editing by Sherry Jacob-Phillips)

This article originally appeared on reuters.com

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