European Markets Extend Rally as U.K. Inflation Cools; Imperial Tobacco and A.P. Moeller-Maersk Among Top Gainers

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European Markets Extend Rally as U.K. Inflation Cools; Imperial Tobacco and A.P. Moeller-Maersk Among Top Gainers

European Markets Extend Rally as U.K. Inflation Cools; Imperial Tobacco and A.P. Moeller-Maersk Among Top Gainers
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European Markets Extend Rally as U.K. Inflation Cools; Imperial Tobacco and A.P. Moeller-Maersk Among Top Gainers

TheStreet 1:57 mins

European markets rallied for a second day after the U.K. reported that inflation slowed in July, boosting expectations that the Bank of England will keep interest rates at a record low for the time being. Investors in the U.K. took heart from a report that the consumer prices index grew by 1.6% in June, cooling from 1.9% in June, a day before the Bank of England is due to publish minutes from its latest monetary policy meeting. Imperial Tobacco Group plc rose in London after posting a smaller than expected drop in nine-month sale, while BHP Billiton Ltd. declined announcing plans to spin off coal and other non-core assets to create a new listed company potentially worth about $15 billion. In Copenhagen, A. P. Moeller-Maersk A/S rose after the Danish shipping to oil conglomerate raised its full-year profit forecast by $500 million to $4.5 billion and announced plans to buy back up to $1 billion in shares in the next 12 months.

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