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European Stocks Steady Ahead of US Inflation Data; Smurfit Falls

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European stocks opened slightly higher as investors awaited key US inflation data on Wednesday for clues on the Federal Reserve’s policy outlook. Smurfit Kappa Group Plc fell sharply after it agreed to combine with rival packaging company WestRock Co. in an $11.2 billion deal.

The Stoxx 600 Index gained 0.1% by 8:05 a.m. in London, boosted by retail and healthcare stocks while energy stocks lagged. Equities got a boost on Monday after Yellen said she’s increasingly confident that the US will be able to contain inflation without major damage to the job market.

Meanwhile, over in the UK, wage growth held at a record high in the three months through July, a sign of persistent inflation that keeps pressure on the Bank of England to raise interest rates again. Germany’s economic recovery is in spotlight as well today with the release of the ZEW survey, as sentiment will likely be weighed down by tighter monetary conditions. Athey expects the market to be “braced for a continuation of the recent bad news from the continental economy.”

In the US, the Federal Reserve is done raising interest rates and will likely cut them by roughly one percentage point next year, according to Simona Mocuta, chair of the 14-member panel and chief economist at State Street Global AdvisorsEuropean IT and software stocks may be active on Tuesday as Oracle Corp. dropped in late trading after it reported cloud sales growth that slowed in the quarter, dimming enthusiasm about the sector.

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