Investing.com -- European markets traded in mixed fashion on Wednesday as investors assessed corporate earnings reports and the latest inflation data from the U.K.
At 03:17 ET (08:17 GMT), Germany’s DAX edged up 0.2%, the UK’s FTSE 100 was down 0.2%, and France’s CAC 40 dipped 0.1%.
U.K. inflation jumps beyond expectations
The U.K.’s inflation rate climbed to 3% in January, surpassing analyst forecasts, according to data released by the Office for National Statistics (ONS) on Wednesday.
Economists polled by Reuters had anticipated a reading of 2.8% for the twelve months leading to January. This rise follows a lower-than-expected inflation rate of 2.5% in December, which had reflected a slowdown in core price growth.
Core inflation, which strips out volatile energy, food, alcohol, and tobacco prices, increased to 3.7% in January, up from 3.2% in the previous month.
Philips and HSBC report earnings, HSBC announces buyback
Philips reported modest 2024 profit and cash flow growth, but its shares tumbled over 7% due to a sales decline in China.
Full-year comparable sales rose 1% to €18 billion, though Q4 saw a €333 million net loss due to taxes.
They project 1-3% sales growth and an 11.8-12.3% adjusted EBITA margin for 2025, but anticipate further China declines.
Separately, HSBC announced a $2 billion share buyback after a 6.5% rise in annual pre-tax profit, driven by the sale of its Canadian business.
HSBC’s full-year revenue was slightly down at $65.85 billion, and while Q4 pre-tax profit nearly doubled to $2.3 billion, quarterly revenue fell 11% to $2.3 billion.
Crude oil prices edge higher amid supply concerns
Crude oil prices ticked up on Wednesday as concerns over potential supply disruptions in the U.S. and Russia weighed on market sentiment. Traders also monitored developments in Ukraine peace talks for further clarity.
By 03:17 ET, the Brent oil contract had risen 0.6% to $76.28 per barrel, while West Texas Intermediate oil futures were up 0.6% to $72.26 per barrel.