UK and European markets saw broad gains after the European Union announced retaliatory tariffs on a swathe of U.S. imports.
Wall Street trading got off to a mixed start as investors digested February's CPI reading and trade tensions between the US and a number of its major trading partners continued to weigh on sentiment.
The consumer price index increased 0.2% for the month, putting the annual inflation rate at 2.8%. This was lower than the respective Dow Jones estimates for 0.3% and 2.9%. Core CPI, which excludes volatile food and energy prices, rose 0.2% on the month and 3.1% for the past 12 months, both below expectations.
Oil gained as US data pointed to resilient domestic demand and slower-than-expected inflation supported riskier assets.
Gold prices are modestly up and silver prices are solidly higher in the wake of a just-released U.S. inflation report that came in a bit cooler than expected.
In corporate news, Spirax Group was the top gainer, having lost ground after results on Tuesday.
On the downside, financial services group Legal & General fell despite saying it will buy back £500m of shares this year after a strong financial performance in 2024, as part of plans to return more than £5bn to shareholders within three years - equal to around 40% of its market capitalisation.
Core operating profits were up 6% last year at £1.62bn, with a decline in asset management profits outweighed by growth in the retail and institutional retirement divisions.
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