Investing.com – European stock markets traded in tight ranges Wednesday, with investors focusing on upcoming US inflation data as well as digesting more quarterly corporate earnings.
At 03:05 ET (08:05 GMT), the in Germany traded largely flat, the in France fell 0.2%, while the in the U.K. gained 0.1%.
US inflation in spotlight
The economic data slate is largely empty in Europe Wednesday, and thus investors are likely to focus on October’s inflation data out of the US, a likely key factor when it comes to the Federal Reserve’s decision to cut or maintain interest rates in the world’s largest economy.
This reading is expected to show that annual consumer inflation rose to 2.6% in October, up from 2.4% the prior month, while the widely-watched annual ‘’ number, which excludes volatile food and energy prices, is seen remaining at 3.3%.
Minneapolis Fed chief warned on Tuesday that any increases in inflation could see the Fed keep rates on hold.
His comments saw traders trim bets on a 25 basis point cut in December, with traders pricing in a 64.2% chance for a cut, down from yesterday’s 66.7% probability of a cut, according to .
U.S. October on Thursday and US on Friday fill out the week, while in Europe, UK data is scheduled.
Just Eat soars after Grubhub divestment
In the European corporate sector, Just Eat Takeaway (AS:) stock soared 18% after Europe’s biggest meal delivery firm struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million.
The Amsterdam-listed firm had been looking to offload Chicago-based Grubhub since as early as 2022, after acquiring it in 2020 in a $7.3 billion all-stock deal.
Elsewhere, ABN Amro (AS:) stock slipped 0.3% despite the Dutch lender beating third-quarter profit expectations, driven by sustained improvement of net interest income, and strong performance of fees.
Siemens (ETR:) Energy (ETR:) stock rose 15% after the German energy company decided against proposing a dividend for the 2024 fiscal year, citing limitations to its payout policy as a result of obtaining project guarantees last year that are backed by the German government.
Crude prices pare losses
Oil prices edged higher Wednesday, paring recent losses, but remained near their lowest in two weeks after OPEC downgraded its global oil demand growth forecasts.
By 03:05 ET, the contract climbed 0.3% to $72.08 per barrel, while futures (WTI) traded 0.3% higher at $68.30 per barrel.
Both contracts had fallen by more than 5% at the start of the week, weighed by the Organization of Petroleum Exporting Countries cutting, in its on Tuesday, its forecast for world oil demand growth in both 2024 and 2025, mostly due to weakness in China, the world’s biggest oil importer.
The is set to publish its updated forecast on Thursday.
