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European Stocks Inch Higher Following Oil Boost

European stocks edged higher on Thursday, aided by a boost in oil gains. This growth was stunted by fears of further inflation rises, with inflation hitting a record high in July and the European Central Bank expected another rise in the coming month. The STOXX 600 index gained 0.1%, with energy stocks managing a 1% gain after crude prices rose by $1.

Consumer prices in Europe increased 0.1% in July to reach an 8.9% year-on-year rise, the highest since 1999 when the euro was established, the EU’s statistics office confirmed. 4.02% of inflation was spurred solely by rising energy costs, which have remained historically high since the beginning of Russia’s invasion of Ukraine.

According to ECB board member Isabel Schnabel, the inflation outlook for the continent remains bleak, with further inflation hikes expected in the next month.

Among the biggest stock market losses was Dutch payment processor Adyen, which plummeted by 11.2% after failing to reach its core earnings expectations for the first half of 2022. Swiss plumbing supplies manufacturer Geberit followed with a 2.2% decline as an effect of steep supply price rises. French pharmaceutical company Valneva slipped by 2.3% after the U.S. Department of Defense decided to end an encephalitis vaccine supply contract with the company.

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