Inflation data helps European stocks shake off Nvidia results; Delivery Hero surges
German consumer prices fall more than expected
DAX closes at record high
Delivery Hero jumps after stronger than expected GMV growth
French spirits makers rise after China drops provisional measures on brandy
STOXX 600 up 0.8%
Updated at 1615 GMT
By Pranav Kashyap and Lisa Pauline Mattackal
Aug 29 (Reuters) -Europe's STOXX 600 rose on Thursday and Germany's DAX closed at a record high, led by tech stocks, after softer inflation data lifted hopes for interest-rate cuts and offset some disappointment around Nvidia's quarterly results.
German inflation eased to 2% in August, data showed, below the 2.3% forecast by analysts. Prices in Spain also eased more than expected, with EU-harmonised inflation coming in at 2.4% in August, its slowest pace in a year.
The pan-European STOXX 600 index .STOXX was up 0.8% at 524.57 points, narrowly missing a fresh record-high close, while Germany's DAX .GDAXI rose 0.7% to a record high.
The data strengthened hopes that the European Central Bank would cut rates again in September, as policymakers have stressed the need to see inflation continue downward.
"(The data) is seen as giving the ECB a bigger chance to be a little more loose with policy than perhaps people have expected," said Russ Mould, investment director at AJ Bell.
The tech sector .SX8P jumped 2.2%, the biggest sectoral gainer as traders shrugged off U.S. chipmaker Nvidia's NVDA.O quarterly forecast that failed to meet some investors' lofty expectations.
Investors had braced for potential ripples through global equities if the AI darling posted less-than-impressive results, but Europe's chip stocks were broadly unbothered.
ASM International ASMI.AS, STMicroelectronics STMMI.MI and ASML Holding ASML.AS rose between 3% and 3.7%. Software company SAP SE SAPG.DE climbed nearly 2%.
"It's quite nice that the European markets have taken Nvidia results in their stride, and not been too influenced by them either way. If we're not reliant upon seven companies worldwide, that's probably a healthy thing," Mould said, referring to the so-called Magnificent Seven influential stocks that include Nvidia.
The STOXX 600 has gained nearly 10% from its six-month lows in August, following a steep global selloff, as expectations have increased for easier monetary policy in the U.S. and Europe.
Euro-zone inflation and unemployment data will be closely watched on Friday.
Delivery Hero DHER.DE leapt 12.2%, the biggest STOXX 600 gainer after the German online takeaway food company reported stronger-than-expected growth it its second-quarter gross merchandise value, and said it was preparing an initial public offering of its Emirati subsidiary Talabat on the Dubai Stock Exchange.
French spirit makers' shares rose after China dropped provisional measures on brandy imported from the European Union.
Remy Cointreau RCOP.PA rose 2%, while Pernod Ricard PERP.PA also gained 2% after forecasting sales would grow in 2025. France's CAC 40 .FCHI was up 0.8%.
All STOXX 600 sectors were in the green, barring utilities .SX6P, insurance .SXIP and real estate .SX86P which slipped between 0.2% and 1.8%.
STOXX 600 Weekly performance - sub sectors https://tmsnrt.rs/4fXJLyN
Reporting by Pranav Kashyap and Lisa Mattackal in Bengaluru; Editing by Sonia Cheema and Rod Nickel
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