European shares rose on Wednesday, tracking gains made by Wall Street in the evening, following Federal Reserve Chairman Jerome Powell expressed a less hawkish stance on monetary policy during testimony before Congress.
The pan-European STOXX 600 index rose 0.5% by 0813 GMT, following the path of global stocks, following Powell said the US economy was ready to start tightening monetary policy, but it might take months to decide whether to reduce the central bank’s nine trillion dollar financial list.
The metals sector led the gains, rising 2% following inflation data revealed a greater opportunity to ease monetary policy in China, while technology shares rose for the second consecutive session.
Dutch company Philips tumbled 11.1 percent following it said it expected core earnings to fall by regarding 40 percent in the fourth quarter due to a shortage of spare parts and a recall of air purifiers.
(Archyde.com)
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