European shares edge higher ahead of U.S. inflation data

European shares edge higher ahead of U.S. inflation data By Reuters

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Economy 6 minutes ago (Dec 13, 2022 08:41)

(Reuters) – European shares edged up on Tuesday as investors hope inflation data from the United States later in the day could allow the Federal Reserve to dial down its aggressive approach to interest rate hikes.

The region-wide STOXX 600 index was up 0.1% at 0812 a.m. GMT.

Tech stocks led index gains, rising 1.2%, buoyed by semiconductor firms such as ASML Holding (AS:ASML) and BE Semiconductor.

Financials and energy stocks also boosted the index, while healthcare stocks fell 0.4%.

Novo Nordisk (CSE:NOVOb) fell 1% after a report said the drugmaker was delaying the rollout of its obesity treatment in Europe.

The U.S. Supreme Court on Monday cleared the way for California to enforce a voter-approved ban on flavoured tobacco products, rejecting a request by a unit of British American Tobacco (LON:BATS) and other plaintiffs to put it on hold. Shares of BAT were down 1%.

STOXX 600 fell in the previous session on jitters over rising COVID-19 cases in China and upcoming interest rate decisions from the Fed and other top central banks due later in the week.

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