Europe stocks close higher after hotter-than-expected U.S. inflation print; Heineken up 14%

European markets closed slightly higher Wednesday, as global markets assessed a hotter-than-expected inflation reading in the U.S.

The pan-European Stoxx 600 index ended the session up by 0.11%, after dipping into the red shortly following the print release earlier in the afternoon. The U.S. dollar also gave up some of its gains, trading slightly lower against the euro.

The U.S. consumer price index gained 0.5% in January, taking the annual inflation rate to 3%, above the Dow Jones estimate of 2.9%. The core CPI, excluding food and energy prices, was also higher than forecast.

U.S. stocks opened lower following the inflation print.

Traders were on guard Tuesday after Federal Reserve Chair Jerome Powell told the Senate Banking Committee that policymakers were in no hurry to make more interest rate cuts.

Powell on Wednesday told the House Financial Services Committee that the central bank would make its decisions based on the economy not politics, after U.S. President Donald Trump said rates “should be lowered.”

Back in European markets, Heineken shares jumped 14% after the Dutch brewer posted a forecast-beating rise in operating profits and launched a 1.5 billion euro ($1.55 billion) share buyback program.

The positive results led other drinks makers higher, with Belgium’s AB InBev adding 2.85% and Denmark’s Carlsberg gaining 9.6%.