European Stocks Hold Near Record Highs as Oil Surges and U.S. Inflation Data Looms

TLDR

• The pan-European Stoxx 600 held near record highs, up around 12% year-to-date
• Brent crude rose to $89.45 a barrel after six straight days of gains, driven by Middle East tensions
• U.S. July CPI data due Wednesday could shape Federal Reserve rate decisions, with markets pricing a 50/50 chance of a hike
• Vestas surged 18% after raising its full-year earnings outlook; Balfour Beatty gained 9% on stronger profit forecasts
• North Korea fired a ballistic missile and China planned naval drills near Taiwan, adding to global risk concerns

European stocks held near record levels on Wednesday as rising oil prices and a key U.S. inflation report kept investors cautious.

The pan-European Stoxx 600 was little changed at 660.17 points, still up close to 12% for the year. Germany’s DAX edged up 0.2%, France’s CAC 40 dipped 0.1%, and London’s FTSE 100 was flat.

Brent crude climbed to $89.45 a barrel, extending a six-day winning streak. The gains were driven by ongoing conflict involving Iran and disruptions to shipping in the Persian Gulf.

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