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(Sharecast News) - European shares rallied at midday, shaking off a cautious start on Wednesday as eurozone inflation eased in October, while investors awaited results from tech darling Nvidia amid increasing worries over potentially overblown valuations for artificial intelligence companies.
The pan-regional Stoxx 600 index was up 0.14% to 562 points at 1205 GMT. Germany's DAX rose 0.34%, while Britain's FTSE 100 and France's CAC 40 were both flat.
"Today's attention is focused on Nvidia's Q3 numbers which come out after the bell. Market forecasts are looking for 57% revenue growth to $55bn, and investors will be closely watching the fourth quarter guide after CEO Jensen Huang's recent upbeat comments on order flow," said Hargreaves Lansdown analyst Derren Nathan.
"Fourth quarter revenue forecasts currently stand at $61.7bn which will be the number to beat."
In economic news, the eurozone's annual inflation rate was 2.1%, compared to 2.2% in September. Across the wider bloc, inflation eased to 2.5% from 2.6% a month previously.
Driving inflation was the services sector, where prices rose 1.54 percentage points, followed by food, alcohol and tobacco - up 0.48pp - and a 0.66pp rise in non-industrial goods. Energy prices were largely static, down just 0.08pp.
In Britain, the rate of inflation slowed slightly last month, according to official data published on Wednesday, adding weight to expectations the Bank of England may move to trim interest rates in December.
According to the Office for National Statistics, the consumer prices index rose by 3.6%, down from 3.8% in September.
Core inflation, which strips out more volatile energy, food, alcohol and tobacco prices, rose by 3.4%, down from 3.5% and in line with expectations.
On the equities front, shares in UK grocer and warehouse tech firm Ocado slumped again after US partner Kroger on Tuesday said it would close three automated warehouses in January. The stock fell 17% in the previous session and was down more than 7% in early trade.
Danish power cable maker NKT surged after reporting third quarter results.
Reporting by Frank Prenesti for Sharecast.com