European stocks outperform as Italy soothes bank tax nerves

a charge of as much as 0.5%, although questions about a global trend of bank windfall taxes remained.

In the U.S., stock markets were on track to rise as optimism that a peak in inflation could steer the Federal Reserve towards cutting interest rates outweighed jitters about the health of the domestic banking sector. Data out of China on Wednesday showed producer prices in the world's major manufacturing hub fell for a 10th consecutive month in July. China's consumer price index also tipped intofigures out of China a day earlier.

Strategists at BCA warned that even though U.S. businesses saw inflation easing, a tight labour market showed that "inflationary risks have not yet been extinguished," meaning the Federal Reserve would remain "reluctant to meaningfully cut interest rates."

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