European shares advanced on Wednesday, driven by corporate earnings, though gains were limited by weak oil and metal prices. Investors also awaited Federal Reserve Chair Jerome Powell’s second day of testimony for more insights on interest rates.
By 0815 GMT, the pan-European STOXX 600 rose 0.2%, with real estate shares climbing over 1%.
Gains were capped by a 0.5% decline in the basic resources sector due to falling crude oil and base metals prices.
French stocks gained 0.2% after a decline in the previous session, as investors evaluated the political situation following Sunday’s legislative election.
On Tuesday, Powell stated that inflation “remains above” the Fed’s 2% target but has shown improvement in recent months, adding that “more good data would strengthen” the case for interest rate cuts. His second day of testimony before the House Financial Services Committee is scheduled for 1000 GMT.
Markets are also looking ahead to June inflation data from the U.S. and Germany, due on Thursday.
In a note, Deutsche Bank analysts projected that both earnings and sales would have slightly increased in Q2, marking the first positive year-on-year growth rate since Q1 2023.
Norwegian aerospace and defense company Kongsberg Gruppen surged 8.1% to the top of the benchmark index after reporting strong revenue growth, improved margins, and a growing order backlog in the second quarter.
Enagas rose 3.6% after the Spanish grid operator agreed to sell its 30.2% stake in Tallgrass Energy to U.S. fund Blackstone for $1.1 billion.
Conversely, UK’s Barratt Developments fell 2.4% as the homebuilder forecast a fall of up to 7% in its home-building targets for fiscal year 2025, citing high mortgage rates and broader economic concerns.
“High interest rates have caused the UK housing market to stall over the last couple of years, and although mortgage demand looks to be gradually picking up, the ambitious targets set by the new government could be exactly what is required to get the market moving,” said Mark Crouch, analyst at investment platform eToro.
Travis Perkins jumped 4.4% after the British construction materials firm named Pete Redfern as its new CEO, succeeding Nick Roberts, who will step down on Sept. 16 after five years at the helm.
Volkswagen shares slipped 2.2% after warning of potential closure of the Brussels site of its luxury brand Audi due to a sharp drop in demand for high-end electric cars, which has affected Europe’s top carmaker.
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