European stocks set to break longest losing streak since early pandemic days, supported by tech rebound

European stocks were poised to break a five-session losing streak on Wednesday, led by technology stocks, while falling shares of Inditex and Hennes & Mauritz bucked an otherwise upward trend for the apparel sector.

The FTSE 100 index UKX, -0.30% fell 0.4% against the backdrop of a stronger pound GBPUSD, +0.24%, up 0.3% to $1.3273, following the strongest rise in U.K. annual inflation in more than a decade. Driven by supply-chain woes and higher energy costs, prices rose a stronger-than-forecast 5.1% in November.

Markets have also been weighing up the potential hit to global growth from the omicron coronavirus variant, as countries beef up measures to combat surging cases. A study out of Hong Kong on Tuesday showed the Sinopec COVID-19 vaccine, used widely in China and the developing world, wasn’t effective in neutralizing the new coronavirus variant.

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