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Europe Markets: European shares rise as traders shrug off losses on Wall Avenue

European stocks moved higher on Wednesday, shaking off losses on Wall Street, partly fueled by weaker-than-expected economic data. Commodity stocks were the winners, along with sportswear maker Puma.

The Stoxx Europe 600 index
SXXP,
+ 0.56%
rose 0.4% to 458.04. The German DAX
DAX,
+ 0.83%
won 0.7%, the French CAC 40
PX1,
+ 0.39%
and the FTSE 100
UKX,
+ 0.56%
rose by 0.4% in each case.

US stock futures
ES00,
+ 0.07%

JM00,
-0.06%
led by Nasdaq 100 futures
NQ00,
+ 0.40%.
It was a reflection of Tuesday's action that saw the Dow Jones Industrial Average
DJIA,
-0.60%
and S&P 500 index
SPX,
-0.20%
Step back from record levels, but a new high for the Nasdaq Composite
COMP,
+ 0.17%.
Losses came in part after the Procurement Management Institute reported an unexpected decline in its service sector.

Job vacancies and minutes of the recent Federal Reserve Open Market Committee meeting will be the focus on Wednesday.

US Crude Oil Prices
CL.1,
+ 0.79%
and international benchmark Brent
BRN00,
+ 0.74%
rose by around 0.8% each and supported the energy sector. Crude oil benchmarks pulled back Tuesday after reaching levels last seen in 2014 after talks between the Organization of Petroleum Exporting Countries and its allies collapsed amid a deadlock in production growth.

Read: Is that the end of OPEC? What Saudi vs. V.A.E. Spacer for oil prices and financial markets

Royal Dutch Shell shares
RDS.A,
-1.40%

RDSA,
+ 2.51%
increased by 3%. The energy giant said Wednesday that it will increase the total payout to shareholders to 20-30% of cash flow from operations, starting with the announcement of second quarter results due later this month.

Shares of BP
BP,
-3.74%

BP,
+ 1.25%
and Repsol
REP,
+ 0.58%
rose by around 2% in each case. And mining stocks were higher too, with Rio Tinto
RIO,
+ 2.07%

RIO,
-1.42%
rising 1.9% and BHP
BHP,
+ 2.44%

BHP,
-0.93%
increased over 2%.

Sportswear Makers Got Boost, Led By Puma Stock Up 1.8%
PUM,
+ 1.66%,
who makes the jerseys of the Italian national football team. Italy beat Spain 4-2 on penalties at Wembley on Tuesday to advance to the UEFA Euro 2020 Championship final, where they will face either England or Denmark at the same stadium on Sunday. Shares in rival Adidas
ADS,
+ 1.76%
increased by 1.5%.

Beer makers were also among the rising stocks, with shares in Anheuser-Busch InBev
BUD,
-1.59%

ABI,
+ 0.57%
by 1.3% and Heineken
HEIA,
+ 0.45%
1% increasing. The British Beer & Pub Association (BBPA) predicts that English fans will buy 6.8 million pints in the later semi-finals on Wednesday.

EDF
EEF,
+1.39%
raised its earnings target for the year after raising expectations for nuclear production in France. The shares of the French energy company rose 2%.

Some technology stocks rose after Nasdaq's gains on Tuesday, including stocks in corporate software giant SAP
JUICE,
+ 3.11%

JUICE,
-0.01%
3% increased.

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