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Stocks, news, data and earnings
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Stocks, news, data and earnings

The La Defense business district in Paris, France, on February 6, 2023.

Bloomberg | Bloomberg |

LONDON — European markets rose on Wednesday as investors looked to fresh earnings and economic data for clues about the outlook for global stock markets.

The pan-European Stoxx 600 was 0.21 percent higher at 9:18 a.m. in London, with most major regional exchanges and sectors trading higher. Insurance stocks rose 0.72 percent, while mining stocks fell 0.82 percent.

This came after a choppy day of trading on Tuesday, which saw the pan-European Stoxx 600 close slightly higher. Travel stocks led gains as budget airline Ryanair CEO Michael O’Leary told Reuters he expected a smaller fall in airfares in the crucial July-September quarter than previously expected.

Elsewhere, copper prices hit a near six-week high on Tuesday, boosted by increased demand and optimism about a U.S. Federal Reserve rate cut in September.

In Europe, data from the French statistics office on Wednesday showed that household confidence in the country’s economy rose slightly in August.

Earnings will come from Lego, Prudential, Novonesis and Brunello Cucinelli in Europe, as well as several major companies including Nvidia of the US. Results from artificial intelligence heavyweight Nvidia could provide clues about the longevity of the technology and AI trade and what may lie ahead for the sector, which has been booming this year.

US stock futures were last trading slightly lower early Wednesday, with all eyes on Nvidia after Wall Street had a successful day on Tuesday.

Markets in Asia-Pacific fell as investors considered higher-than-expected inflation figures from Australia for July.

Correction: This story has been updated to more accurately reflect consumer confidence figures due to be released in Europe on Wednesday.

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