European shares extended gains on Wednesday as a lower inflation reading from France, the euro zone's second-biggest economy, and better-than-expected business activity data boosted sentiment.
Further, preliminary data showed inflation in Francein December from a record high in the previous month, tracking a slew of encouraging data from improving euro zone manufacturing numbers to a slowdown in Germany's inflation.
"This is continuing the narrative that prices are slowing faster than expected, which is certainly welcome news for the euro zone as a whole because it eases the pressure on consumers and also companies," said Streeter. The regional STOXX 600 ended 2022 sharply lower on fears of an economic slowdown as central banks raised rates to rein in soaring prices, driven by surging fuel costs since Russia invaded Ukraine and a reopening of the economy after the COVID-19 pandemic.
Investors are now waiting for the minutes from the Fed's December meeting for cues on the U.S. central bank's monetary policy tightening path. The STOXX 600 index has risen 3% in the first three trading days of the new year, helped by strong economic data, easing of natural gas futures and hopes of a post-COVID recovery in China despite surging cases.
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