European Stocks Rise on Cooling UK Inflation Before Fed Decision

The Stoxx 600 closed up 0.9%, its first gain in three days. The UK’s FTSE 250 index of domestic stocks jumped 1.6% as data showed Britain’s inflation rate fell unexpectedly despite a surge in fuel prices, easing pressure for further interest-rate hikes from the Bank of England. The export-heavy FTSE 100 also outperformed as the pound eased.

Auto and real estate stocks led the gains, while energy shares dropped with oil. Luxury-goods makers LVMH and Kering SA underperformed after analysts at Jefferies cut their ratings, citing risks from a slowdown in the US and the lack of a recovery in Chinese consumer spending. Commerzbank AG rose after saying it expects net interest income to rise to €8 billion this year, continuing to reap the benefit of higher interest rates.

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