European markets close higher on Eurozone inflation data

European markets closed higher on Wednesday as November has proved to be a month with robust performance while regional investors reacted to the latest inflation data from the Eurozone for the month.

Stoxx 600 closed up 0.6%, adding monthly gains of around 6.1%. Household goods added 2.3% to represent the leading gains as practically all sectors and major exchanges traded in the green territory. Chemicals reared the accelerating trend, and were down by 0.2%.

New data, released on Wednesday, indicated that Eurozone inflation dropped by more than expected in November, fueling market hopes that record-high price growth across the bloc has peaked and the European Central Bank will begin slowing its interest rate hikes next month.

Asia-Pacific shares were mostly higher on Wednesday even as the reading for China’s November factory activity fell short of expectations, dropping to the lowest reading since April.

One day earlier, China announced measures to boost vaccination for the elderly in order to overcome an obstacle that could hinder reopening the economy. When asked if recent unrest would lead to a shift in its zero-Covid policy, Chinese officials noted that they are closely watching the virus for any developments.