FRANKFURT, Aug 30 ― European shares inched higher today following a two-day selloff as banking shares boosted stocks, though fears around a burgeoning energy crisis, interest rate hikes and a looming recession kept gains in check.
The pan-European STOXX 600 rose 0.4 per cent, after shedding about 2.5 per cent over the last two sessions, on the back of a hawkish tone struck by European Central Bank speakers and US Federal Reserve Chair Jerome Powell, which bumped up rate expectations.
Spain's IBEX rose 0.7 per cent. Spanish national consumer prices rose 10.4 per cent year-on-year in August, down from 10.8 per cent the previous month, preliminary data showed.
Miners slipped 1.2 per cent, tracking weaker metals prices as rising Covid-19 cases in China and looming rate hikes renewed demand concerns in key commodities.
Adevinta surged 15 per cent, topping the STOXX 600 after the world's largest classified ads company reported quarterly results with core markets revenues up 10 per cent year-on-year.
Investor focus was on euro zone economic sentiment and German inflation data due later in the day. ― Reuters
