European Shares Rise With on Oil

European shares rose to near all-time highs on Wednesday, as a jump in oil stocks and positive results for companies including chip company Infineon helped offset the impact of inflation concerns.

The pan-European STOXX 600 index rose 0.1 percent and energy stocks rose 1.2 percent, after a boost to oil prices from data showing an unexpected drop in US crude stocks last week.

Shares of Germany’s Infineon Inc jumped 1.8 percent after the company beat its quarterly sales estimates, while the global semiconductor crisis lifted prices.

Shares of British supermarket chain Marks & Spencer rose 15.9 percent after it exceeded its forecast profit in the first half of the year and after it raised its full-year profit forecast.

Inflation concerns persisted, as data showed that Chinese factory products prices hit their highest levels in 26 years last month, bolstering fears of inflation accompanied by economic stagnation.