European equity benchmarks were advancing on Wednesday morning with media companies among the biggest gainers against a backdrop of data showing continued expansion in Germany's economy and rising consumer prices.
In economic news, gross domestic product rose by 0.6% in German in the fourth quarter, which taken together with the previous quarters' growth rates, resulted in an annualized growth rate of 2.2%, according to data published by Destatis, the federal statistics agency. Separate data published by the agency showed that consumer prices wee up by 1.6% in January.
In equities, bottling company Cola-Cola HBC Ag (CCH.L) was leading the gainers, 3.5% higher on London's FTSE 100 Index, followed by telecommunications company Sky (SKY.L), up by 3.1% and Antofagasta (ANTO.L), a miner, trading 2.3% higher. Old Mutual (OML.L), a provider of financial services, was up by 2.2%.
On Frankfurt's DAX, housing association Vonovia (VNA.DE) was 2.5% higher, energy company RWE (RWE.DE) was up by the same amount and TV company ProSiebenSat1 Media (PSM.DE) was 2.0% higher. SAP (SAP.DE), a technology company, was up by 1.8%. And, on Paris' CAC-40, advertising ang public relations company Publicis (PUB.PA) was 2% higher, mass media conglomerate Vivendi (VIV.PA) was 1.8% higher and Kering (KER.PA), a retailer of designer goods, was up by 1.5%.
The pan-European Stoxx 600 Index was 0.83% higher, London's FTSE 100 Index was up by 0.68%, Frankfurt's DAX was 0.88% higher and Paris' CAC-40 was up by 0.70% at the time of writing.
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