Europe open: Stocks edge higher ahead of data barrage

(Sharecast News) - European stocks were mostly higher on Wednesday morning, with London's FTSE 100 the only major index across the continent in the red, with eyes firmly fixed on a flurry of incoming economic data. The most closely watched indicators of Wednesday's session will likely be Eurozone economic sentiment and consumer confidence figures due out at 1000 GMT, following by Germany inflation at 1300 GMT, and GDP figures from the US at 1330 GMT.

There's another barrage of data scheduled for Thursday but the focus will be on inflation figures from the eurozone and US, both expected to show a slowdown in core price growth.

The Stoxx 600 index as up 0.31% early on at 458.6, having drifted lower over the past two sessions as investors took profits following a strong rally so far in November. Even with this week's slip, the index has still risen 5.7% since the end of October.

Helping sentiment on Wednesday were surprisingly dovish comments from Federal Reserve governor Christopher Waller,, a well-known hawk, who said that current monetary policy was working to slow the economy and bring inflation closer towards the 2% target.

"This was taken to mean that the Fed was not only done on when it comes to further rate hikes, but also that rate cuts could come sooner rather than later," said CMC Markets analyst Michael Hewson.

"He went on to say that if disinflation starts to become a concern, then rates could be cut in response, rather undermining the recent narrative put forward by Fed chairman Jay Powell that rates needed to stay higher for longer."

Ferrovial rises on Heathrow sale

Spanish infrastructure firm Ferrovial was trading higher after agreeing to sell its entire stake in FGP Topco, the parent company of Heathrow Airport, for £2.4bn. Ferrovial will sell a 10% stake to the Saudi Public Investment Fund (PIF) and a 15% stake to French private equity firm Ardian. Luke Bugeja, chief executive of Ferrovial Airports said: "Over the last 17 years, we have been contributing to Heathrow's transformation, together with our fellow shareholders, achieving some excellent milestones throughout our long-term role as investor."

French car maker Renault was rising after confirming that it is moving ahead with plans to spin off its electric-car division Ampere into a publicly listed company, despite doubts surrounding an IPO and potential dilution of value for investors.

London's FTSE 100 was trading lower early on with banking giants Standard Chartered, HSBC and Barclays providing a major drag on the index.