European stocks rise due to the minutes meeting

European stocks were slightly higher in the morning as investors looked at minutes released by the US Federal Reserve that showed members remained poised to tackle inflation by raising interest rates.

The pan-European Stoxx 60 index was up 0.09% in mid-morning, with technology shaking off recent pessimism to gain 1.5% and auto-shares up 1.14%. Shares of British engine manufacturer Rolls-Royce rose sharply after the company beat analysts’ expectations with a 57.5% year-over-year profit increase last year. It also said it would resume paying dividends at an unspecified date.

The Fed said US inflation was “well above” the central bank’s target of 2.2%, and the labor market remained very tight, helping to keep pressure on wages and prices.

Asia-Pacific markets were mixed after Thursday’s Fed release, while US stock futures were higher.

French hospitality group Accor posted a slight increase as its full-year results showed its operating profit rose from €53m to €543m. He said domestic guests drove this growth, and hotel performance in the second half of the year exceeded 2019 levels in all regions except Asia, where restrictions in China weighed.

Britain’s biggest airport, Heathrow, said annual losses almost halved but were driven by lower passenger traffic and ongoing inflationary pressures.

The company said adjusted annual losses dropped to £684m in 2022, down 46.4% from £1.28bn in 2021. The number of passengers has tripled annually and reached 61.62 million in 2022 – according to the company’s forecast. 60-62 million passengers, but about 25.5% less than in 2019, as international travel recovers from a slump during the Covid-19 pandemic.

Noting that its funding remains conservative, Heathrow Airport said no dividends had been paid in 2022, and none planned for 2023. The FGP Topco consortium owns the airport, with Spanish group Ferrovial and the Qatar Investment Authority being the biggest stakeholders.