Europe open: Shares gain as investors put aside inflation worries
European stocks opened higher on Thursday as miners led the way and investors put aside worries over inflationary pressures and supply-chain issues.
The pan-European Stoxx 600 index rose 0.66% in early deals with all regional bourses higher.
China’s September PPI moved to its highest level in more than two decades at 10.7% driven by soaring commodity prices as CPI came in at 0.7% year on year from 0.80%, while month-on-month inflation fell to 0.0%, below forecasts of 0.30%.
Investors are awaiting US producer prices data later in the day with the reading also expected to show a surge in prices.
In equity news, THG shares rebounded from heavy falls over the last two days, rising to top the Stoxx with a gain of 8.53%. The company, formerly known as The Hut Group this week said it did not know why investors had been dumping the stock.
Miners Glencore and Anglo American were higher on a rise in precious metals prices.
European semiconductor companies ASML and Nordic Semiconductor both rose after Taiwan chip giant TSMC posted a 13.8% jump in third-quarter profit on the back of booming demand for its products amid a global shortage.
UK recruiter Hays shares rose as the company posted a rise in first-quarter net fees on Thursday, highlighting good growth in all regions.
French advertising group Publicis was up after it raised its 2021 outlook as a global shift towards digital media and e-commence helped its third-quarter organic growth exceed market expectations.
Dutch navigation and digital mapping company TomTom fell 4.52% after it warned that supply chain problems could last until the first half of next year.