LONDON, 10th April, 2024 (WAM) -- European shares rose on Wednesday, led by gains in technology-related stocks ahead of a crucial inflation report out of the United States, while Barry Callebaut was on track for its best day in over five-and-a-half years following results, according to Reuters.
The pan-continent STOXX 600 (.STOXX), opens new tab added 0.7% by 0833 GMT, led by a 1.5% gain in the technology sector (.SX8P).
Tech-related stocks were among the top performers in the previous quarter, benefiting from the global enthusiasm for the prospects of artificial intelligence.
Topping the STOXX, Barry Callebaut (BARN.S), opens new tab jumped 6.8% after the chocolate maker reported upbeat half-yearly revenue helped by increasing cocoa prices. The broader good and beverages index (.SX3P), opens new tab gained 0.5%.
Since the start of April, the benchmark index has traded in a tight range, not far away from record highs hit last month, as caution dominated the mood ahead of U.S. March consumer prices.
Later in the week, the focus will be on the European Central Bank's monetary policy meeting, where traders expect rates to be left unchanged.
Among others, Koninklijke Philips (PHG.AS), opens new tab surged 2.8% after the medical equipment maker reached an agreement with the U.S. government on a consent decree about the sales of its new sleep apnea machines.
Shares of wind turbine producers Siemens Energy (ENR1n.DE), opens new tab and Nordex (NDXG.DE), opens new tab added 2.8% and 3.7%, respectively. The move comes after the European Commission said it will investigate subsidies received by Chinese suppliers destined for Europe, in the bloc's latest move to shield domestic firms from cheap clean tech products.
Italgas (IG.MI), opens new tab slipped 1.1% after the Italian gas distributor sent a preliminary offer worth 4-5 billion euros ($4.3-5.4 billion) for its main domestic rival 2i Rete Gas, as per a report.