European Shares Hold Steady Ahead Of US Inflation Reading

European stocks held steady on Wednesday after U.S. lawmakers agreed a trillion dollar boost to the economy.

Investors kept an eye on U.S. consumer inflation data due out later in the day, which could impact estimates for when the Fed will begin scaling back its asset purchases.

The pan-European Stoxx 600 was up 0.1 percent at 472.84 after hitting record highs for eight consecutive sessions on optimism about earnings recovery and the economic outlook.

The German DAX was marginally higher, France’s CAC 40 index gained 0.2 percent and the U.K.’s FTSE 100 was up half a percent.

Dutch bank ABN Amro shares jumped 3.8 percent. The Dutch bank reported a swing to net profit for the second quarter of 2021 and said it would resume dividend payments.

Vestas Wind Systems fell 3 percent. The wind turbine company cut its outlook for 2021 after missing second-quarter operating profit forecasts.

Avast climbed 2.7 percent after U.S. cybersecurity company NortonLifeLock Inc agreed to buy its London-listed rival for up to $8.6 billion to create a leader in consumer security software.

Food delivery company Deliveroo slumped 4.6 percent despite the value of orders on its platform more than doubling in the first half.

Life insurer Phoenix declined 1.6 percent after it swung to a pre-tax interim loss.

Provident Financial surged 6.3 percent. The consumer finance company reported that its first-half loss before tax was 44.2 million pounds, compared to loss of 28.1 million pounds a year ago. The results include losses related to the planned closure of Consumer Credit Division or CCD.

Vivendi shares advanced 1.2 percent. The French media conglomerate said that it has sold 7.1 percent of Universal Music’s share capital for USD 2.8 billion.

Thyssenkrupp shares slumped 7 percent after the German conglomerate cut its full-year free cash flow outlook.

Uniper dropped 1.3 percent. The utility said its EBIT earnings fell 16.1 percent year-on-year in the first half mainly due to “price-and volume-driven increase in provisions for carbon allowances.”

Leoni plunged 7.5 percent. After posting a narrower Q2 net loss, the provider of energy and data management solutions for the automotive industry raised its sales and earnings outlook for fiscal 2021.

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