European Markets React to US CPI Data and OPEC Forecasts

European stock markets closed higher on Wednesday, buoyed by news that US inflation slowed slightly in November, matching expectations. The latest consumer price index report from the United States provided a positive catalyst for equities. Meanwhile, markets also digested the Organization of the Petroleum Exporting Countries' (OPEC) GDP forecast for 2024 and its decision to cut the world oil demand growth forecast.

Key indices in Europe saw significant gains. Germany's DAX climbed 0.40%, driven by a 3.38% surge in Siemens Energy AG. France's CAC 40 added 0.40% with Publicis Groupe SA rising 3.69%. The UK's FTSE 100 rose 0.28% after Endeavour Mining PLC surged 5.93%. The Euro Stoxx 50 increased 0.16% as Safran SA went up 2.14%.

Currency markets showed mixed results. The euro traded 0.34% lower against the dollar, settling at $1.04915 at 5:30 pm CET. Meanwhile, the pound sterling declined 0.18% against the dollar, closing at $1.27485.