Heineken shares jump 12%; European markets higher as traders await latest U.S. inflation data

European markets were higher Wednesday as global markets await the latest inflation reading out of the U.S.

The pan-European Stoxx 600 was up 0.22% by 8:40 a.m. London time, with all major bourses and almost all sectors in the green. Food and beverage stocks led gains, up 1.06%, while oil and gas stocks fell 0.62%.

Heineken shares jumped 12% and trading was briefly halted after the Dutch brewer posted a forecast-beating a rise in operating profits and launched a 1.5 billion euro ($1.55 billion) share buyback program. The stock was last up 11.83% at 8:11 a.m. London time.

The positive results led other drinks makers higher, with Belgium’s AB InBev adding 5% and Denmark’s Carlsberg gaining 2.87%

Global market focus is on the latest U.S. consumer price index report for January that will be published on Wednesday.

Headline inflation is expected to have grown 0.3% from the prior month and 2.9% from 12 months earlier, according to Dow Jones. Some economists on Wall Street have raised concerns that even as certain categories may see disinflation, Trump’s tariffs could offset that. More inflation data is due on Thursday, with the producer price index set to be released.

— CNBC’s Brian Evans contributed to this market summary