European Shares Mostly Higher Despite Inflation Worries

(RTTNews) - European stocks were broadly higher on Tuesday despite concerns about rising oil prices and its likely impact on inflation and growth.

Investors cheered the results of an ECB survey showing that consumer expectations for euro-area inflation fell for a second month.

Medium inflation expectations for the next 12 months fell from 4.9 percent in January to 4.6 percent in February.

The euro area's industrial producer prices decreased 0.5 percent sequentially in February, following a 2.8 percent decline in January, Eurostat data showed.

The pan European STOXX 600 was up 0.4 percent at 49.40 after finishing marginally lower on Monday.

The German DAX jumped 0.6 percent, France's CAC 40 rose 0.4 percent and the U.K.'s FTSE 100 was marginally higher.

Tech shares were subdued as bond yields rose on fears of inflation emanating from OPEC+ slashing oil output by further 1.16 million barrels per day (bpd).

Swiss bank Credit Suisse rose over 1 percent on eve of its annual general meeting. Nordex Group gained 1 percent after signing a contract with E energija group to supply and install wind turbines for a 106 MW wind project in Lithuania.

Rheinmetall climbed 1.2 percent after its Materials and Trading division won three new orders for structural parts destined for e-mobility vehicles. The orders are each worth a figure in the double-digit million-euro range.

Bayer edged up slightly after a favorable court judgement over talc-related liabilities.

L'Oreal shares rose half a percent after the cosmetics group reached a deal with Brazil's Natura & Co to acquire its Australian luxury brand Aesop at an enterprise value of $2.53 billion.

Bio-pharmaceutical firm OKYO Pharma plunged 14.5 percent in London as it announced plans to delist from the London Stock Exchange next month.

Renewi jumped 1.2 percent. The waste-to-product business expects its fiscal year-end profit to be slightly ahead of market expectations.

Wood products manufacturer Accsys Technologies rallied 1.8 percent after appointing a new CEO.

NatWest Group edged up slightly, a day after the U.K. government extended a deadline for reducing its stake in the bank by two years.