Europe stocks mixed after best day in 11 months with eyes on U.S. inflation; LVMH down 7%

European stock markets were mixed Wednesday after clocking their best one-day performance in nearly a year.

The Stoxx 600 was index was 0.1% lower at 9:30 a.m. London time, as it moved between losses and gains. Health-care stocks rose 0.8%, while household goods plunged 2.6%.

The Stoxx gained nearly 2% on Tuesday, according to LSEG data, its strongest session since Nov. 10, 2022.

Bullish global trading was boosted by two Federal Reserve officials who suggested Monday that the recent rise in Treasury yields may reduce the need to raise the Federal Funds rate, paring back peak rate expectations.

Atlanta Federal Reserve Bank President Raphael Bostic on Tuesday said rates did not need to rise any further.

The world continues to monitor the latest bloody developments in the war between Israel and Hamas.

Investors sought “safe haven” assets earlier in the week, including gold, the dollar and Treasuries, while stock markets have looked past the volatile situation after an initial wobble.

Wednesday will see the release of the U.S. producer price index report, where a 0.3% reading is expected by economists, according to Dow Jones. The consumer price index is out Thursday.

Meanwhile, German shoe manufacturer Birkenstock is preparing to list on the New York Stock Exchange, with the initial public offering priced at $46 per share.

U.S. futures were muted early Wednesday, as Asia-Pacific markets were broadly higher.