Europe open: Shares up as investors eye Fed for view on inflation

European shares were just below record highs at the opening on Wednesday, as investors were still waiting to see if the US Federal Reserve was starting to think about tapering asset purchases.

The pan-European STOXX 600 was up 0.18% with most regional bourses higher.

Britain’s FTSE 100 was up 0.26% despite an unexpected spike in inflation above the Bank of England’s 2% target in May. The standard CPI reading leapt from 1.5% to 2.1%, while the core figure surged from 1.3% to 2%.

Gains on the commodity-heavy index were boosted by a rise in in Brent crude to its highest since April 2019. Shares in BP and Shell were higher as a result.

In company news, shares in French retailer Colruyt fell to the bottom of the Stoxx, down 8.6% as the company pulled forward guidance as full year comparable revenue rose 1.7%.