European shares rose in early trade on Wednesday after data pointing to softer inflation helped markets recover from last week’s meltdown, while traders hoped that U.S. inflation data later in the session would also be benign.
UBS shares were up around 2.9% after it reported $1.1 billion of net profit in the April to June period, beating analyst’s forecasts. U.S. CPI data is due at 1230 GMT and traders hope it supports the idea of Fed rate cuts. Markets are pricing in a roughly 52.5% chance of a 50 basis point rate cut, and a 47.5% chance of a 25 basis point cut, at the Fed’s next meeting in September.
The 10-year U.S. Treasury yield was steady at 3.8522%, with yields having fallen after Tuesday’s U.S. producer price data .
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