Investing
European shares rise on easing energy supply worries; Draghi speech in focus
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(Reuters) – European shares scaled near six-week highs on Wednesday as energy supply worries eased following a report that Russian gas supplies would resume as scheduled, while Italian Premier Mario Draghi’s parliament address was also in focus amid a political crisis.
The STOXX 600 index rose 0.4% by 0710 GMT, extending gains to a fourth session, after sources on Tuesday said Russian gas flows to Europe via the Nord Stream 1 pipeline were seen restarting on time this week after the completion of scheduled maintenance.
A slew of upbeat U.S. corporate earnings reports overnight also aided global investor sentiment. [.N][MKTS/GLOB]
In Europe, however, chipmaker ASML Holding slid 4.2% as signs of a slowdown in consumer markets saw investors look past a profit rise from record new bookings.
Italy’s MIB index was up 0.2%, with a vote on Draghi’s speech expected after market close at 1730 GMT.
The address comes after Italian President Sergio Mattarella urged Draghi to reconsider his resignation tendered last week, after populist 5-Star boycotted a confidence vote on measures aimed at alleviating the high cost of living.
Topping the STOXX 600 was German power firm Uniper, which rose 7.3% after a report said details of its bail-out could be discussed with German Chancellor Olaf Scholz on Friday.
(Reporting by Susan Mathew in Bengaluru; Editing by Subhranshu Sahu)
The STOXX 600 index is a stock market index that represents the performance of 600 publicly traded companies across 17 European countries.
Corporate earnings refer to the net income or profit that a company generates during a specific period, typically reported quarterly or annually.
Energy supply refers to the availability and distribution of energy resources, such as gas and electricity, to meet consumer demand.
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