Asian and European stock markets mostly rose Tuesday, as investors geared up for vital US inflation data and earnings, while bitcoin powered to a record peak on the eve of a key IPO.

Frankfurt and Paris stocks climbed in early afternoon eurozone deals, chasing most of Asia higher before US consumer price numbers.

“There are concerns that US inflation data, which is due today, could bring higher volatility,” cautioned AvaTrade analyst Naeem Aslam.

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“This could be especially true if we see a massive increase in the inflation reading.

“Secondly, earnings season is about to begin, and investors will like to see how big corporates feel about the global economic recovery.”

London stocks however flatlined towards midday, despite news of Britain’s advancing economic growth and rebounding EU exports in February.

Bitcoin zoomed to a record high above $62,000 as the cryptocurrency exchange Coinbase prepares to launch shares on Wall Street’s Nasdaq index.

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The virtual unit reached $62,377, a huge gain of 114 percent since the start of the year.

“A good debut for Coinbase in Nasdaq will mark the first official juncture between the traditional financial avenue and the alternative crypto path,” said Swissquote analyst Ipek Ozkardeskaya.

“As such, a successful addition to Nasdaq should act as endorsement of cryptocurrencies by traditional investors.”

Stock markets meanwhile remain preoccupied by inflationary concerns.

A forecast-busting reading on US producer price inflation last week gave markets a taste of what to expect over the next few months as the global economy emerges from last year’s crisis and vaccinations allow people to slowly return to their pre-pandemic habits.

There are growing fears that reopening will send prices surging this year and force central banks to tighten the ultra-loose monetary policies — including rock-bottom interest rates — that have helped fire a year-long equity rally.

The Federal Reserve has repeatedly pledged not to change tack until inflation is elevated for some time and unemployment is under control.

Those worries have sent benchmark 10-year Treasury yields — a gauge of future borrowing costs — to one-year highs. The smooth sale of government bonds Monday soothed some concerns.

Observers also remain cautious as they wait for the US earnings season to crank into action.

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“Investors are likely to be sitting cautiously ahead of the next US earnings season which kicks off in earnest tomorrow with numbers from JPMorgan Chase and Wells Fargo, followed by Bank of America, Citigroup and PepisCo on Thursday,” said AJ Bell investment director Russ Mould.