European shares rise on China reopening cheer, slow pace of rate hikes By Reuters


(Reuters) – European shares edged up on Wednesday, lifted by Bayer (ETR:) and LVMH (EPA:), while optimism over reopening in China and hopes of less aggressive U.S. rate of interest hikes aided the sentiment.

The pan-regional gained 0.1% by 0818 GMT.

Wall Street ended higher on Tuesday and European stocks cut some losses, on risk appetite spurred by expectations of softer U.S. inflation print this week and relief after Federal Reserve Chair Jerome Powell kept away from commenting on U.S. rate policy.

Signs of slowing wage inflation last week had boosted bets of a less aggressive tightening by the Fed and the European Central Bank.

On Wednesday, rate-sensitive tech stocks rose 0.8%.

Energy stocks advanced 1.0%, while miners gained 1.7%, as commodity prices rose on optimism over top consumer China’s reopening.

Amongst individual movers, Britain’s second-biggest supermarket group Sainsbury’s fell 2.7% after CEO Simon Roberts said he was cautious on the patron backdrop, whilst it forecast full-year profit towards the upper end of its guided range.

Bayer rose 2.1% after Bloomberg reported that activist investor Bluebell is pushing for a breakup of the German pharmaceutical company.

Deliveroo fell 4.4% on a rankings cut by J.P.Morgan.

LVMH gained 0.7% after Chairman and CEO Bernard Arnault tightened his family’s grip on the posh goods empire, putting his daughter Delphine answerable for certainly one of its leading labels, Christian Dior.

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