© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 2, 2024. REUTERS/Staff/File Photo -European stocks climbed on Thursday with investors awaiting an inflation print and minutes from the European Central Bank's latest meeting, while shares of Basilea jumped following the U.S. regulatory approval for the drugmaker's bacterial therapy.
"Although PPI takes time to engage and we're seeing signs of that cooling quite quickly, CPI takes into account other areas of inflation, such as services and wage growth which is what's preventing that final fall down to the 2% level," Fiona Cincotta, senior market analyst at City Index said. The benchmark index had a lacklustre start to the second quarter with investors looking for more signs of confirmation on the timing and scale of interest rate cuts.
Basilea Pharmaceutica surged 7.9% to an over six-month high after the Swiss firm received U.S. health regulator's approval for its antibiotic Zevtera that treats bacterial infections including multidrug-resistant strains.) rose 0.8% after the French drug maker said it reached an agreement in principle to settle 4,000 U.S. lawsuits linking the discontinued heartburn drug Zantac to cancer.Meanwhile, Euro zone business activity expanded in March for the first time since May 2023.
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