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European Stocks Rise on Cooling UK Inflation Before Fed Decision

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European stocks rose on Wednesday as an unexpected slowdown in UK inflation lifted risk appetite ahead of the Federal Reserve’s policy decision later in the day.

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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