European stock markets close higher; ECB meeting in focus

Investing.com -- European stock markets closed higher Wednesday, following in-line November US inflation figures, as well as the upcoming ECB policy-setting meeting.

At 11:30 ET (16:30 GMT), Germany's DAX was up 0.4%, France's CAC 40 rose 0.4%, and the UK's FTSE 100 gained 0.3%.

European stock indices traded in tight ranges Wednesday, with investors reluctant to take significant positions ahead of the ECB meeting tomorrow.

The ECB  is widely expected to agree to another 25-bps rate cut, its fourth such cut this year. Inditex falls on sales miss

In the corporate sector, Inditex (BME:ITX ) stock slumped 6% after the world's largest listed fast-fashion retailer posted a rare miss on quarterly sales and profit on Wednesday, even while the owner of Zara fashion retailer said the holiday shopping season had got off to a good start.

British American Tobacco (LON:BATS ) stock rose 1% after the tobacco giant reaffirmed its full-year guidance for 2024, maintaining expectations for low-single-digit organic revenue and profit growth. 

Tui (ETR:TUI1n ) stock rose 1% after the leisure travel company reported 2024 results that highlighted several areas of strength, including revenue and EBIT growth, and a better-than-expected leverage position.  Oil prices rise amid stimulus optimism 

Crude prices rose Wednesday, with traders looking for more economic stimulus from China, the world's largest crude importer. 

By 11:30 ET, the US crude futures (WTI) gained 1.6% to $69.67 a barrel, while the Brent contract rose 1.2% to $73.05 a barrel.

Chinese authorities have pledged to enact more targeted stimulus measures to boost economic growth, ramping up hope that oil demand will recover. 

Trade data also showed a sharp increase in Chinese oil imports through November - the first annual growth in seven months. 

However, gains have been limited by industry data showing that US oil inventories  unexpectedly grew in the week to Dec. 6, raising concerns that demand will dwindle further in the winter season.

Official data, from the Energy Information Administration , is due later on Wednesday. 

(Navamya Acharya contributed to this article.)

Source: Investing.com