Investing.com – European stock markets rose sharply on Thursday as investors digested the latest Federal Reserve minutes, earnings from artificial intelligence darling Nvidia (NASDAQ:) and data on economic activity in the euro zone.
At 03:20 ET (0720 GMT), shares in Germany were trading 0.3% higher, in France up 0.3% and in the UK 0.1%.
Fed minutes express concerns about inflation
Results from the Federal Reserve’s latest meeting, released late Wednesday, showed U.S. central bank officials remain concerned about U.S. inflation.
While the minutes indicated the central bank would keep rates high for longer, they were preceded by a string of speeches from Fed officials saying persistent inflation would likely delay any potential rate cuts.
In Europe, many expect interest rates to cut in June, but uncertainty remains about how many more cuts the central bank will authorize this year.
Eurozone Purchasing Managers’ Index data will be in focus on Thursday, with investors looking for signs of growth.
The UK market is also in focus after Prime Minister Rishi Sunak announced late on Wednesday that a general election would be held on July 4.
Nvidia achieved success in the first quarter
In corporate news, Nvidia reported strong first-quarter earnings, and the chipmaker also offered robust earnings guidance for the current quarter.
The firm also announced a 10-to-one stock split and said it was raising its quarterly dividend by 150% to 1 cent per share after the split.
Hargreaves Lansdown (LON:) shares soared 12% after the fund manager rejected an offer from a consortium led by private equity giant CVC.
Wizz Air (LON:) shares rose almost 5% after the budget airline said it returned to profit for the year to the end of March on the back of “robust” demand.
Oil falls after Fed minutes
Crude oil prices fell on Tuesday, falling for a fourth straight session, as Federal Reserve minutes indicated U.S. interest rates will remain at elevated levels for some time.
By 3:20 a.m. ET, WTI futures were trading 0.3% lower at $77.34 a barrel, with the contract down 0.2% at $81.72 a barrel.
Higher interest rates raise borrowing costs, reducing funds that could stimulate economic growth and oil demand in the world’s largest oil-consuming country.
Also weighing on the market was U.S. crude inventories rose 1.8 million barrels last week, compared with an estimate of 2.5 million barrels, according to the Energy Information Administration.
In addition, the price rose 1.1% to $2,366.40 an ounce, while the price fell 0.1% to 1.0812.