European stocks struggled for direction on Wednesday, as fears over an escalation in the Middle East conflict offset improved economic data from China. <\/p>\n
As Gaza ground invasion looms, a huge explosion at a Gaza hospital has derailed the diplomatic efforts led by the U.S. to reduce tensions in the region. <\/p>\n
On the data front, Eurostat reported that Eurozone inflation rose at a slower pace in September than in August, confirming initial estimates. <\/p>\n
Elsewhere, U.K. consumer price inflation remained elevated at 6.7 percent in September, bucking expectations for a further decline.<\/p>\n
The pan European STOXX 600 was marginally higher at 449.81 after ending marginally lower on Tuesday. <\/p>\n
The German DAX edged up 0.1 percent and France’s CAC 40 rose 0.2 percent while the U.K.’s FTSE 100 was marginally lower. <\/p>\n
German sportswear firm Adidas jumped 5 after raising its 2023 revenue guidance.
ABB tumbled 5.4 percent after the Swiss engineering group flagged a slowdown in revenue growth in Q4.<\/p>\n
Amsterdam-based Just Eat Takeaway.com soared 7 percent after raising its full-year adjusted EBITDA guidance. <\/p>\n
TotalEnergies climbed 1.2 percent and BP Plc rose about 1 percent as oil prices surged nearly 2 percent following Gaza hospital attack.<\/p>\n
British housebuilder Barratt Developments fell 2.5 percent after an announcement that it sees a 10 percent drop in reservation rates in Q1.<\/p>\n
Concrete-products company Marshalls jumped 6.7 percent after maintaining its full-year expectations.<\/p>\n
China-exposed luxury firms such as Richemont, LVMH, Kering and Hermes International all rose about 1 percent after a slew of China data came in above forecasts.<\/p>\n
Data showed China’s GDP grew at a 4.9 percent annual pace in July-September, down from 6.3 percent in the previous quarter but above forecasts for a 4.4 percent increase.<\/p>\n
Retail sales and industrial output figures for September also surprised on the upside, helping ease investor anxiety over the attainability of the official GDP target this year. <\/p>\n