Europe Stocks Edge Higher as Oil Retreat Supports Sentiment and PMI Data Awaited
Market Overview and Key Drivers
European Market Performance
Sept 23 (Reuters) - European shares inched higher on Wednesday as lower oil prices supported sentiment, while investors awaited key business activity data due later in the day.
The benchmark pan-European STOXX 600 was up 0.4% at 645.04 points by 0708 GMT. Most major regional bourses also traded higher.
Anticipation of PMI Data
Investors awaited S&P Global's flash September purchasing managers' index (PMI) survey for the euro zone, which could provide fresh clues on the health of the region's economy.
Sectoral and Stock Highlights
Aerospace and Defence Sector
Aerospace and defence stocks led sectoral gains, with Saab and Exosens among the top performers.
Energy Sector Movements
Oil prices extended their decline as investors assessed the prospect of increased Gulf supplies after Saudi Arabia restarted operations at a key pipeline. Energy stocks, however, rose 0.8%. [O/R]
Notable Individual Stock Moves
Among individual stocks, KWS shed 6.1% after the German seed producer's annual net sales fell 3% to €1.63 billion ($1.86 billion), missing IBES estimate of €1.68 bln, hit by lower sugarbeet and corn acreage.
Shares of Adyen slipped roughly 2% after the Dutch payments processor named Klarna's Niclas Neglen as its next chief financial officer, effective February 1, 2027.
(Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Sherry Jacob-Phillips)
